Wednesday, July 15, 2020

16 July 2020 BMD

We are expanding to global markets. 
 See next article for the trade plan.

LOCAL MARKET

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FKLI

FKLI opened high at 1612 yesterday but failed to sustain above the supports and gradually declined to have a weak close at 1590. The market is already showing overbought signal for the past weeks and now it may start to show the real trend.

With the overnight Dow closed more than 200-points higher, we may expect FKLI to open slight higher today.

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Plan A : Short if the market fails to breach above 1597. Targets are 1594, 1591 and 1587. Cut above 1602.

Plan B : Long if market rebounds firmly from 1597. Targets are 1601, 1604 and 1608. Cut below 1593.



FCPO

FCPO surged to 2584 first session before a correction back to 2540's. Dalian ended +56 at 5302 while soybean oil +0.11. Ringgit stays at RM4.26 against the greenback.

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Plan A : Long if market supported firm above 2556. Targets are 2571 and 2589.

Plan B : Short if market failed to support above 2556. Targets are 2538 and 2519.





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 and CNBC. The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correctaysion, 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 that investment.

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