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FKLI Dec month dropped
16.5 points or 1.03% to closed lower at 1590.5. The FBM KLCI closed
significantly lower for the second straight session on Tuesday, amid mixed
performance in regional markets.
Overnight Dow Jones dropped
267 points to closed lower at 43449. U.S. stocks fell on Tuesday, with the Dow
declining for a ninth consecutive session, as investors turned cautious ahead
of the Federal Reserve's final policy announcement of the year following
economic data showing robust consumer spending.
The FKLI remain
trading below resistant line and remain within a downward channel, tracking the
bearish sentiment of regional market, we anticipate the index to remain in downside
bias trading and below 1600, any rebound could provide opportunity for sell, with
current support at 1590 to 1588, breaking below could potentially bring the
index to 1585 range. Beware of any sentiment changes. Immediate support and
resistance levels are identified at 1590 and 1595, respectively.
(News Source: The star, Reuters)
FCPO Mar month contract
dropped 33 points or 0.69% to close lower at 4725. Malaysia's crude palm oil
futures closed lower on Tuesday, pressured by a sharp decline in overnight
soybean oil futures on the CBOT.
Overnight Soybean oil
Jan Month dropped 1.10 to close lower at 40.62. Dalian’s active palm oil
contract dropped 118 points to close lower at 9088 on previous night session.
Tracking the negative performance in rival oil market, the palm price likely to remain trading in bearish mode. However we see the price touched the crucial support, which is also the bottom line of wide range sideway consolidation at 4635 to 4640 and see some bounce back, there is likely a strong technical buying coming in at the area with resistant to watch at 4675 to 4680, breaking above could see further higher. The immediate support and resistance levels are pinpointed at 4652 and 4676, respectively.
(News Source: Bernama)
Recommend Trading Plan:
Long positions may be opened above 4676 with targets 4697/4717 at stop-loss at 4656
Short positions may be opened below 4676 with targets at 4652/4628 stop-loss at 4696
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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