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FKLI Dec month rose 4 points or 0.25% to closed higher at 1603.5 on midday session. The FBM KLCI rebounded after briefly falling below the 1,600 key support on Thursday, driven by gains in key Asian markets. The regional rally followed a positive performance on Wall Street, fueled by relief that U.S. inflation data met expectations, reinforcing the likelihood of a Federal Reserve rate cut at its upcoming meeting.
We remain our view the index trading within a downward channel in daily chart, any rebound could provide chance for selling, we see the resistant at 1605 to 1606, breaking above could see further higher and potentially to reach 1608 again, however if fail to break could see selling pressure coming in. Immediate support and resistance levels are identified at 1600 and 1605, respectively.
(News Source: The Star)
Recommend Trading Plan:
Long positions may be opened above 1605 with targets at 1608/1612 and stop-loss at 1600
Short positions may be opened below 1605 with targets at 1600/1597 and stop-loss at 1610
FCPO
FCPO Feb month dropped 7 points or 0.14% to closed lower at 4849 on midday session. Malaysian crude palm oil futures opened lower on Thursday, following a decline in rival soyoil prices on the Chicago Board of Trade (CBOT) exchange.
The palm prices traded lower on morning session, the price reached 4762 intraday low and recover sharply, forms a downward channel, we see the support at 4820 to 4815 range, if the price could firmly trade above this range, we may see buying opportunity toward 4880 to 4875 range. Otherwise, break down the support can look for sell. The immediate support and resistance levels are identified at 4820 and 4859, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4820 with targets 4839/4859 at stop-loss at 4800
Short positions may be opened below 4820 with targets at 4797/4775 stop-loss at 4840
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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