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FKLI Dec month dropped 1 point or 0.06% to closed slightly lower 1595. The FBM KLCI ended slightly higher on Thursday amid a cautious market, while the ringgit depreciated as the US dollar neared a two-year high.
Overnight Dow Jones rose 15 points to closed slightly higher at 42342. U.S. stocks closed mostly flat on Thursday, surrendering an early rebound from the previous session's sharp decline after the Federal Reserve projected fewer interest rate cuts and higher inflation for next year.
The FKLI remain trading below resistant line and remain within a downward channel, the index seems support at 1589 to 1588 range, we might see further buying momentum for today session, but likely limited gain, if breaking above 1595 to 1597, potentially reaching 1600 again. Beware of any sentiment changes. Immediate support and resistance levels are identified at 1589 and 1595, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1595 with targets at 1598/1603 and stop-loss at 1590
Short positions may be opened below 1595 with targets at 1589/1585 and stop-loss at 1600
FCPO
FCPO Mar month contract 21 points or 0.46% to closed lower at 4508. Malaysian crude palm oil futures fell for the fifth consecutive session on Thursday, pressured by uncertainty surrounding biofuel policies in Indonesia and the U.S.
Overnight Soybean oil Jan Month rose 0.87 to close higher at 40.42. Dalian’s active palm oil contract dropped 96 points to close lower at 8764 on previous night session.
Tracking the mixed performance in rival oil market, the palm price likely to remain trading in bearish momentum. In recent movement, the price trading lower for 5 consecutive sessions, still in a steep downtrend, we see some strong buying coming in on previous session, there is likely the price received support at certain range, spot at 4400 to 4410, as the bearish candle seems turning weaker, we will continue to monitor, nearest support sees at 4530 to 4525, if supported here could see buying opportunity, if fail to support, likely will come down again. The immediate support and resistance levels are pinpointed at 4427 and 4458, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4427 with targets 4458/4483 at stop-loss at 4407
Short positions may be opened below 4427 with targets at 4401/4381 stop-loss at 4447
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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