LOCAL MARKET
Click here to contact us: https://goo.gl/B6Dccf
FKLI Dec month dropped 2.0 points or 0.12% to closed lower at 1609. Bursa Malaysia closed lower on Tuesday in thin trading, with volume dipping below three billion shares, as weak Wall Street performance and investor caution ahead of key U.S. inflation data weighed on sentiment ahead of the Dec 18 rate cut decision.
Overnight Dow Jones dropped 154 points to closed lower at 44247. Wall Street's main indexes ended lower on Tuesday as losses in the technology sector outweighed gains in communications services, with investors awaiting key inflation reports that could shape the Federal Reserve's next interest rate moves.
The FKLI remain trading below the resistant line of downward channel in daily chart. The chart could remain in downward bias trading, with support see at 1607 to 1608 range, breaking below could see further lower toward 1605 to 1604 range. If supported we might see buying opportunity. Immediate support and resistance levels are identified at 1608 and 1612, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1608 with targets at 1612/1615 and stop-loss at 1603
Short positions may be opened below 1608 with targets at 1604/1600 and stop-loss at 1613
FCPO
FCPO Feb month contract dropped 169 points or 3.30% to close lower at 4951. Malaysian crude palm oil futures ended lower on Tuesday following industry regulator data revealing declines in the country's stockpiles, production, and exports.
Malaysia's palm oil stockpiles fell for a second straight month in November, down 2.6% to 1.84 million tons, while crude palm oil production dropped 9.8% to a four-year low of 1.62 million tons, and exports declined 14.7% to 1.49 million tons, according to Malaysian Palm Oil Board (MPOB) data on Tuesday, aligning with analysts' expectations
Overnight Soybean oil Jan Month dropped 0.08 to close lower at 42.72. Dalian’s active palm oil contract dropped 188 points to close lower at 9272 on previous night session.
Tracking the negative performance in rival oil market, the palm price likely to continue hovering in downside bias. We see the crucial support range at 4910 to 4900, which is the middle of the wide range of sideway consolidation, supported at this range could provide buying opportunity, otherwise, the selling may come in for further technical correction toward 4860 to 4865 range. The immediate support and resistance levels are pinpointed at 4916 and 4952, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4916 with targets 4935/4952 at stop-loss at 4896
Short positions may be opened below 4916 with targets at 4890/4865 stop-loss at 4936
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.
0 comments:
Post a Comment