Wednesday, October 7, 2020

8 October 2020 BMD

                       We are expanding to                   global  markets 

 See next article for the trade plan

LOCAL MARKET

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FKLI

FKLI slumped yesterday after failing to breach above its resistance level of 1512. Market is expected to open firmer today after overnight Dow gained 532-points. However, gains could be capped if FKLI fails to regain footing above the 1502-1504 levels. Failure to breach and stay firm above these levels would likely trigger another round of selling today.

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Plan A : Consider long only if market supported firm above 1497. Targets are 1504, 1510 and 1514. Cut below 1491.

Plan B : Short if market rebounded and resisted around 1504. Targets are 1497 and 1492. Cut above 1510.



FCPO

FCPO flattened the first session after the tremendous surge the previous day. Dalian will re-open tomorrow while soybean oil turn +0.07, reversing the losses made this morning. Ringgit stays strong against the greenback at RM4.14.

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Plan A : Long if market supported firm above 2881. Targets are 2899 and 2918.

Plan B : Short if market failed to support above 2881. Targets are 2860 and 2839.



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 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 that investment.

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