LOCAL MARKET
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FKLI
FKLI Oct month was rose 10.5 points to closed at 1635. The FBM KLCI was surged in the previous session moving along with supportive regional markets.
The Dow Jones index rose 381 points to close at 47368 on previous session. U.S. and world stocks leaped on Monday as hopes that the U.S. government shutdown could soon end sparked a tech-fueled relief rally, while the yen slumped after Japan's Prime Minister Sanae Takaichi indicated her preference for looser fiscal and less hawkish monetary policy.
The actively traded FKLI contract broke the 1632, previous high, to quickly surge up to 1640.5 and closed near intraday high. Market sentiment seems to have changed to the upside from the earlier slightly mixed trading. A strong candle in the previous session has provided a strong support zone for buyers, looking around 1632-1628 levels. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1632 and 1640, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1630 with targets at 1640/1648 and stop-loss at 1624
Short positions may be opened below 1630 with targets at 1625/1620 and stop-loss at 1633
FCPO
FCPO Jan month up 2 points or unchanged to closed at 4111. Malaysian palm oil futures remained uncertain closing near day low as MPOB data released yesterday was indicative of bearish figures.
CBOT soyoil active traded contract jumped 0.90 points to close at 50.58 on previous session. Dalian’s active palm oil contract rose 38 points to closed at 8708 on previous night session.
The actively traded FCPO contract were still pressured to sell in the previous session. Intraday average highs were capped lower around 4120-4150 as market data outcome is still bearish. However, market became uncertain to find support at 4100 since the bearish data seems to has already priced into the market in previous week trading. A total reversal to the upside can be quick to 4200 if the price can break the 4150. Immediate support and resistant levels are identified at 4100 and 4150 respectively. Beware of any potential sentiment changes.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4100 with targets at 4130/4150 stop-loss at 4080
Short positions may be opened below 4120 with targets at 4100/4050 stop-loss at 4135
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 the investment.
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