LOCAL MARKET
Click here to contact us: https://goo.gl/B6Dccf
FKLI
FKLI Oct month was dropped 11 points to closed at 1633. The FBM KLCI was weak throughout the day amid supportive regional markets.
The Dow Jones index rose 326 points to close at 48254 on previous session. Wall Street's main indexes were mixed on Wednesday, with the Dow notching a record-high close and the Nasdaq losing ground as investors rotated out of pricey technology stocks while focusing on a likely end to a historic U.S. government shutdown.
The actively traded FKLI immediately reversed below the 1640 to close near day low at 1633. Market sentiment becomes uncertain and a potential double top play might be in progress, targeting 1620 first if 1630 is unable to hold. Bearish engulfing candle is formed at the daily chart, creating a toppish pattern. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1640 and 1650, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1630 with targets at 1635/1640 and stop-loss at 1627
Short positions may be opened below 1630 with targets at 1625/1620 and stop-loss at 1635
FCPO
FCPO Jan month down 12 points or 0.29% to closed at 4125. Malaysian palm oil futures remained uncertain as traders are still feeling bearish with MPOB data released earlier this week along with ringgit strengthening.
CBOT soyoil active traded contract down 0.48 points to close at 50.62 on previous session. Dalian’s active palm oil contract down 80 points to closed at 8664 on previous night session.
The actively traded FCPO contract were still pressured to sell from 4140-4150. Market still finds it hard to rebound without any supporting factors backing it up. Temporarily market volume is getting lowered and is trading in a tight range, averagely in between 4110-4145. Immediate support and resistant levels are identified at 4110 and 4140 respectively. Beware of any potential sentiment changes.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4110 with targets at 4130/4150 stop-loss at 4095
Short positions may be opened below 4130 with targets at 4100/4080 stop-loss at 4155
Disclaimer: This information is intended to assist professional investors. News are credit courtesy of Reuters, Nasdaq.com, Bloomberg, CNN, Market Watch, FT.com, the Star online, forbes.com, mining.com and CNBC. The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correction, completion and amendment without notice. As with all investments, there are associated risks and you could lose money investing. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of the investment.