LOCAL MARKET
FKLI Dec month rose 8.5 point or 0.53% to closed higher 1605. The FBM KLCI continued its upward momentum from the Santa Claus rally, with the FBM KLCI marking its fourth consecutive session of gains. The Santa Claus rally is a market phenomenon where stock prices typically increase during the final week of December, often extending into the new year.
Overnight Dow Jones rose 28 points to closed higher at 43325. The Dow edged higher on Thursday, marking a five-session winning streak despite light volumes and pressure from rising U.S. Treasury yields on tech megacaps. Meanwhile, the Nasdaq and S&P 500 dipped slightly, snapping the Nasdaq's four-session and the S&P's three-session streaks of gains
The FKLI broken up from the resistant range of downward channel at 1604 to 1603, now serve as support line, we anticipate the index will continue to trading above the support range for coming session, with buy on retracement could consider as main plan. Resistant see at 1609 to 1608, breaking above this line could see further higher, otherwise the index could face seme selling pressure at the resistant range. Beware of any sentiment changes. Immediate support and resistance levels are identified at 1604 and 1608, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1604 with targets at 1608/1612 and stop-loss at 1599
Short positions may be opened below 1604 with targets at 1600/1597 and stop-loss at 1609
FCPO
FCPO Mar month contract dropped 15 points or 0.33% to closed lower at 4543. Malaysian crude palm oil futures declined on Thursday following the Christmas break, pressured by significant selling activity and weakness in Dalian palm olein prices.
Overnight Soybean oil Mar Month dropped 0.42 to close lower at 39.88. Dalian’s active palm oil contract rose 32 points to close higher at 8736 on previous night session.
Tracking the mixed performance in rival oil market, the palm price likely to trade within a range. In daily chart, the palm price trading below 4600 for a week since the strong sell down on 18 Dec, now serve as immediate resistant range if the price wants to continue go higher. Latest movement see the price remain trading in the sideway consolidation in hourly chart, top range see at 4560 to 4570, while bottom range at 4500 to 4510, breaking ether side could move toward the direction. In sideway movement, if trading above the middle 4530 to 4525, trader may look for buy, if trading below, will favorable for sell. The immediate support and resistance levels are pinpointed at 4529 and 4560, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4529 with targets 4560/4586 at stop-loss at 4509
Short positions may be opened below 4529 with targets at 4506/4485 stop-loss at 4549
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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