Wednesday, September 23, 2020

24 September 2020 BMD

 We are expanding to global markets 

 See next article for the trade plan

LOCAL MARKET

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FKLI

Market dived yesterday with political news dominating the market. Political instability has once again spooked the market, causing both futures and cash market to trade below 1500 yesterday. A 525-points fall in overnight Dow would likely dampen FKLI's opening today but support at 1480 might be enough to savage the market if supported. 

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Plan A : Short if market recovers but fails to breach above 1499. Targets are 1490 and 1481. Cut above 1504.

Plan B : Consider buy only if the market stays firm above 1480. Targets are 1490 and 1499. Cut below 1475.


FCPO

FCPO dived for another day, breaching through 2800, bottoming at 2760 so far. Dalian close -242, almost -4% at 5888 while soybean oil -0.48. Ringgit weakened against the greenback at RM4.16.

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Plan A : Long if market supported firm above 2801. Targets are 2821 and 2842.

Plan B : Short if market rebounded and resisted around 2801. Targets are 2788 and 2769.



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 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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