24 November 2020 BMD

                              We are expanding to                   global  markets 

 See next article for the trade plan

LOCAL MARKET

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FKLI    

FKLI once again hold firm yesterday, rebounding from an intraday low of 1590.5 before settling at 1602.5. Although FKLI is expected to open higher today amid gains in overnight U.S. markets, gains could be capped with news of 28 Top Gloves factories in Klang ordered to close in stages. This piece of news might bring selling pressure to Top Gloves counter today which weigh on gains for KLCI.

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Plan A : Attempt buy if market trades resiliently above 1594. Targets are 1605 and 1612.5

Plan B : Consider short only if market opens higher but couldn't breach and stays firm above 1612.5. Targets are 1600 and 1594.

FCPO

FCPO dived in the morning and continue to hover around the border of 3300-mark. Dalian reversed the losses made in the morning ended +4 at 6720 while soybean oil -0.24 at 38.31. Ringgit stays at RM4.08 against the greenback.

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Afternoon Plan

Plan A : Short if market failed to support above 3282. Targets are 3305 and 3324.

Plan B : Long if market doesn't retrace much and supported firm above 3282. Targets are 3260 and 3241. 

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.