16 Aug 2023 BMD

 LOCAL MARKET

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FKLI

FBM KLCI was flat after adding 3.28 points or 0.23% to 1460.28 points. Following the state elections which saw status quo, the FBM KLCI could remain sideways below the resistance of 1465 points in search of new direction.

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Plan A : Consider short if the market stays below 1463. Targets are 1456 and 1452.

Plan B : Attempt long if the market stays above 1463. Targets are 1469 and 1473

FCPO

 

FCPO surged back up after supported above 3860, challenging the previous high around 3952. Dalian traded +62 at 7594 while soybean oil traded +0.63 at 63.44 for the day. Ringgit weaken to 4.64 against the greenback.

 

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Plan A : Long only if market supported above 3860. Targets are 3888 and 3910.

Plan B : Short if market fail to support above 3860. Targets are 3841 and 3801.

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, mining.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.