U.S. stocks dropped on Tuesday after another steep fall in oil prices and a disappointing spending forecast from Exxon Mobil.
Hong Kong shares ended lower on Tuesday, uninspired by a sharp rebound in mainland stocks, as energy shares led falls. In China, the Caixin January services PMI is due at 9.45am this morning.
Plan A : Above 19575, do nothing
Plan B : Below 19333, do nothing
Plan C : Attempt selling if market stays below 19454
Plan D : Cut above 19575
Plan E : Consider intraday long only if market supports and rebounds from 19333
Plan F : Cut below 19333
FKLI
A triple digits fall from overnight Dow is expected to weigh on FKLI opening today. Failure to hold above 1624 today would see market heading south for the rest of the week. Ringgit weakened once again today ahead of the long Chinese New Year holiday. Higher to sell would likely be the right strategy for the day.
Plan A : Attempt selling if market trades below 1636
Plan B : Cut above 1641
Plan C : Consider intraday buy only if market holds firm above 1624 and rebounds
Plan D : Cut below 1618
FCPO
FCPO rallied fiercely on Tuesday with more than 3% increase in prices. Dalian and soybean oil are rather insignificant today while Ringgit further slumped to RM4.23 vs the U.S. Dollar.
Plan A : Sell only if market stop the rally. Do not force trade. Resistances are 2525 and 2537. Targets are 2494 and 2502.
Plan B : Wait for market to move for some time. Buy if market consolidated and support above 2493. Targets are 2525, 2537 and 2560.
Plan C : Above 2537, no fresh position.
Plan D : Below 2394, no fresh position.
*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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