Thursday, July 23, 2020

24 July 2020 BMD

We are expanding to global markets. 
 See next article for the trade plan.

LOCAL MARKET

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FKLI

FKLI climbed back above 1600's with the contribution of gloves maker companies despite the market dived to 1587.5 in the earlier session.

However, we may expect FKLI to have a lower opening today as the overnight Dow closed down for more than 350-points.

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Plan A : Short if the market recovers but does not breach above 1621.5. Targets are 1617, 1614 and 1610.5. Cut above 1625.

Plan B : Long if market rebounds from 1606.5. Targets are 1610, 1613.5 and 1618. Cut below 1602.



FCPO

FCPO surged in the morning and successfully hold firm above 2700-mark for the first time. Dalian closed +140 at 5714 first session while soybean oil closed -0.11. Ringgit stays at RM4.26 against the greenback.

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Plan A : Long if market doesn't retrace much but supported firm above 2709. Targets 2725 and 2746.

Plan B : Short if market failed to support above 2709. Targets are 2684 and 2660.




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 correctaysion, 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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