LOCAL MARKET
FKLI Dec month rose 0.5 point or 0.03% to closed almost flat 1590. The FBM KLCI closed higher on Monday, reflecting a cautious market sentiment and aligning with the performance of regional markets.
Overnight Dow Jones rose 66 points to closed higher at 42906. Wall Street's major indexes closed higher on Monday, marking three consecutive gains for both the Dow Jones Industrial Average and the Nasdaq Composite, driven by advances in several of the "Magnificent Seven" tech stocks during a holiday-light trading session.
The FKLI remain trading below resistant line and remain within a downward channel. The index in hurly chart trading within a minor sideway consolidation, with top/resistant see at 1597 to 1598, while bottom/support at 1587 to 1588. We likely to see some selling pressure as the index current hovering below the middle of the sideway range at 1590 to 1592. Beware of any sentiment changes. Immediate support and resistance levels are identified at 1587 and 1595, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
FCPO Mar month contract rose 109 points or 2.46% to closed higher at 4542. Malaysian crude palm oil futures rebounded on Monday following six straight sessions of losses, supported by stronger Dalian soyoil prices and buying interest from traders seeking value in lower-priced contracts after the recent decline.
Overnight Soybean oil Mar Month rose 0.78 to close higher at 40.66. Dalian’s active palm oil contract rose 86 points to close lower at 8780 on previous night session.
Tracking the bullish performance in rival oil market, the palm price likely to continue in upward bias trading, the price broke out from the resistant range (4500 to 4510) of the downward channel consolidation, now serve as support rang. We see a very minor sideway consolation range, resistant spot at 4530 to 4535, breaking above could see the further higher. The immediate support and resistance levels are pinpointed at 4504 and 4530, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4504 with targets 4530/4552 at stop-loss at 4484
Short positions may be opened below 4504 with targets at 4483/4459 stop-loss at 4524
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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