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FKLI Dec month rose 9.5 points or 0.59% to closed higher at 1609.5. The FBM KLCI remained positive during the early session, poised to break a five-day losing streak despite a regional market slump, amid expectations that U.S. rate cuts may slow in the coming year.
Overnight Dow Jones dropped 86 points to closed lower at 43828. U.S. stocks ended the trading week nearly flat in a quiet session on Friday, with the S&P 500 and Dow recording weekly losses, while the Nasdaq marked its fourth straight week of gains.
The FKLI remain trading within the resistant line of downward channel in daily chart, seem supported above 1606 to 1605, we might see more room for further upside, if breaking above 1611 to 1612, the index could trade further higher. Beware of any sentiment changes. Immediate support and resistance levels are identified at 1606 and 1612, respectively.
(News Source: The Star; Reuters)
FCPO Feb month contract dropped 15 points or 0.30% to close lower at 4906. Malaysian crude palm oil futures continued to decline on Friday, following weakness in rival vegetable oils on the Chicago and Dalian exchanges, ending the week with a loss.
Overnight Soybean oil Jan Month dropped 0.06 to close slightly lower at 42.61. Dalian’s active palm oil contract rose 116 points to close higher at 9384 on previous night session.
Tracking the positive performance in rival oil market, the palm price likely to remain trading upward bias. The palm prices in daily chart, trading below the middle of the sideway range at 4920 to 4910, if the price could break above, we might see further higher, however if the price fail to break above, we might see selling pressure to coming in. The immediate support and resistance levels are pinpointed at 4881 and 4922, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4881 with targets 4900/4922 at stop-loss at 4861
Short positions may be opened below 4881 with targets at 4862/4840 stop-loss at 4901
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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