U.S. stocks ended weaker on Friday after Federal Reserve Chair Janet Yellen indicated that the central bank was poised to raise interest rates this year, in line with Wall Street's expectations. Hong Kong, South Korea, U.K. and United States markets will close for respective holidays today.
With the lingering political issues in Malaysia, market continued to head south last week with market closing at 1777.5 which is the lowest close for two months. No bargain hunting to be attempted for now as any rebounds would be seen as an opportunity to sell.
Plan A : Attempt selling if market were to rebound but fails to break above 1787
Plan B : Cut above 1794
Plan C : No buying to be attempted till market stabilizes
FCPO
FCPO struggled to rebound above the resistances and it plunged to a new low after it recorded 2131 two days ago. Dalian and overnight soybean oil are down while Ringgit remains at RM 3.60 against the greenback. A gap down might be inevitable today during opening due to the regional markets. Thus, investor might wait and see before hopping into the market.
Plan A : Overnight seller hold on to position. Resistance is looking at 2152 or 2165. Target is 2102 and 2063.
Plan B : Fresh seller may sell if market could rebound and resist around 2139 or 2146. Target is 2102.
Plan C : Buyer may stay out of market.
Plan D : Above 2150, do nothing.
Plan E : Below 2100, do nothing.
*Disclaimer: This information is intended to assist professional investors. News are credit courtesy of Reuters 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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