LOCAL MARKET
FKLI
FKLI Dec month closed flat to end at 1595. The FBM KLCI closed lower on Friday as investors stayed on the sidelines amidst mixed trading across the region.
Overnight Dow Jones
rose 188 points to closed higher at 44910. The S&P 500 and Dow Jones
Industrial Average reached record closing highs in a shortened Black Friday
session, driven by gains in technology stocks like Nvidia, while retail stocks
took the spotlight as the holiday shopping season began.
The FKLI fail to support above 1600 and fell toward 1595 level, currently serve as the support range. If index could support at 1595 to 1594 ranges we might see buying opportunity, breaking above 1599 to 1602 could see further higher. Beware of any sentiment changes. Immediate support and resistance levels are identified at 1595 and 1599, respectively.
Recommend Trading Plan:
Long positions
may be opened above 1599 with targets at 1602/1607 and stop-loss at 1594
Short
positions may be opened below 1599 with targets at 1595/1591 and stop-loss at 1604
(News
Source: The star, CNBC)
FCPO
FCPO Feb month contract
rose 135 points or 2.76% to close higher at 5020. Malaysian palm oil futures
increased for the fifth consecutive session and recorded a weekly gain on
Friday, driven by supply concerns as heavy rains in the country worsened
already sluggish production levels.
Overnight Soybean oil
Jan Month rose 0.82 to close higher at 41.74. Dalian’s active palm oil contract
rose 144 points to close higher at 10222 on previous night session.
Tracking the positive performance in rival oil market, the palm price likely to remain to trade in upside bias. The price recently broke up from the resistant line of upward channel at 4930 to 4925 and continues to trading higher toward another range at 5035 to 5025, now serve at resistant range. We reckon buy on retracement plan as first plan. Support see at 4995 to 5000, if supported could buy if fail to support, we might some technical correction toward next support line. The immediate support and resistance levels are pinpointed at 4998 and 5029, respectively.
Recommend Trading Plan:
Long positions
may be opened above 5029 with targets 5051/5076 at stop-loss at 5009
Short
positions may be opened below 5029 with targets at 4998/4972 stop-loss at 5049
(News
Source: Reuters)
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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