LOCAL MARKET
FKLI
FKLI Nov month dropped 7 points or 0.44% to close lower at 1595. The FBM KLCI reversed earlier gains to close the morning session slightly lower on Thursday, as selling activity outpaced buying amid a lack of catalysts, particularly with US markets closed on Thursday for the Thanksgiving holiday.
The US markets were closed for the Thanksgiving holiday on Thursday night and will resume trading today. Asia-Pacific markets were poised to open lower on Friday as investors evaluated November inflation data from Tokyo, Japan, and industrial production figures from South Korea.
The FKLI fail to support above 1604 to 1605 range and remain trading within the downward channel in daily chart, trader may look for sell on rebound, We see the support at 1595 to 1594, if fail to support, the index may fell further. If supported, we might see the buying toward first resistant range at 1601 to 1602. Immediate support and resistance levels are identified at 1595 and 1601, respectively.
Recommend Trading Plan:
Long positions may be opened above 1598 with targets at 1601/1604 and stop-loss at 1593
Short positions may be opened below 1598 with targets at 1595/1591 and stop-loss at 1603
(News Source: The star, CNBC)
FCPO
FCPO Feb month contract rose 87 points or 1.81% to close higher at 4885. Malaysia's crude palm oil futures extended their rally for the fourth consecutive day, closing higher on Thursday due to concerns over the recent flood in the eastern regions. Palm oil traders noted that the flood could affect overall oil palm production in the country.
The CBOT soybean oil market was closed yesterday for the Thanksgiving holiday and will resume trading today. Dalian’s active palm oil contract rose 110 points to close higher at 10002 on previous night session.
Tracking the positive performance in rival oil market, the palm price in daily chart broke up from the resistant line of a downward channel at 4835 to 4849 range, supported for upside. An upward channel spotted in hourly, with the price latest hovering near the resistant of the channel, we reckon buy on retracement plan. Resistant see at 4915 to 4920, breaking above could see further higher toward next resistant. Beware of profit taking activities. The immediate support and resistance levels are pinpointed at 4792 and 4818, respectively.
Recommend Trading Plan:
Long positions may be opened above 4888 with targets 4919/4940 at stop-loss at 4868
Short positions may be opened below 4888 with targets at 4865/4841 stop-loss at 4908
(News Source: Bernama)
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 the investment.
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