Monday, January 1, 2024

2 Jan 2024 BMD


 LOCAL MARKET



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FKLI

Bursa Malaysia wrapped up 2023 to close at its intraday low at 1,454,66 on Friday compared with the first-day opening this year at 1,488.54, weighed by persistent selling pressure throughout most part the year due to outflow of funds as a result of various rate hikes in the US.

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Plan A : Attempt short if the market stays below 1456. Targets are 1448 and 1444


Plan B : Consider long if the market stays above 1456. Targets are 1460 and 1467.


FCPO
 
FCPO resisted and currently plummeted down, trying to break the support around 3660. Dalian traded -88 at 7062 while soybean oil traded +0.17 at 48.15 for the day. Ringgit strengthen to 4.59 against the greenback.

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Plan A : Long only if market supported above 3670. Targets are 3692 and 3710.

Plan B : Short if market fail to support above 3670. Targets are 3652 and 3632.



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

that investment.   

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