Tuesday, July 21, 2020

22 July 2020 BMD

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

LOCAL MARKET

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FKLI

FKLI struggled between 1590's to 1600's for the whole session yesterday whereby both buyers and sellers were trying to pull the market to their favors.

However, the market may still not ready to head south with the overnight Dow which closed more than 150-points higher. We may expect FKLI to hover above 1600's.

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Plan A : Attempt to short if the market does not breach above 1610. Targets are 1606.5, 1602 and 1598. Cut above 1614.

Plan B : Long if market rebounds from 1596. Targets are 1600, 1604 and 1608. Cut below 1591.


FCPO

FCPO spiked in the morning amid the relatively strong dalian prices, but come afternoon, the CPO prices dive back below 2700. Dalian closed +48 at 5522 while soybean oil closed +0.03. Ringgit stays at RM4.25 against the greenback.


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Afternoon Plan
Plan A : Long if market retraced but supported firm above 2676. Targets are 2692 and 2718.

Plan B : Short if market failed to support above 2676. Targets are 2654 and 2630.











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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