17 November 2020 BMD

                         We are expanding to                   global  markets 

 See next article for the trade plan

LOCAL MARKET

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FKLI    

FKLI performed well yesterday, breaching the resistance level of 1598 and surged to an intraday high of 1607 before settling at 1599. Market is expected to open higher today, moving in tandem with overnight Dow but gains could be limited as news of successful vaccine tests from Moderna might dampened the performance of gloves counters today. Profit taking activities can be expected but overall sentiment still bullish.

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Plan A : Remain buy as long as market supported firmly above 1598. Targets are 1605 and 1612. Exit below 1592.

Plan B : Consider short only if market surges but fails to breach and hold firm above 1612. Targets are 1605 and 1598. Exit above 1616.

FCPO

FCPO flattened the first session later climbed to 3346 following the stronger Dalian and soybean oil. Dalian traded +154 at 6864 while soybean oil +0.43 at 37.86. Ringgit stays at RM4.10 against the greenback.

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Afternoon Plan

Plan A : Short if market failed to support above 3323. Targets are 3300 and 3275.

Plan B : Long if market doesn't retrace much and supported firm above 3323. Targets are 3341 and 3359. 

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.