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FKLI
FKLI Dec month rose 6
points or 0.38% to closed higher at 1601. The FBM KLCI gave up most of its
earlier gains as investors swiftly took profits amid rising external
uncertainties. Meanwhile, plantation stocks continued their rally, driven by
the ongoing upward trend in crude palm oil prices.
Overnight Dow Jones dropped
128 points to closed lower at 44782. The Nasdaq and S&P 500 closed at
record highs on Monday, driven by tech-related stocks following strong gains in
November, as investors anticipated key economic data, including Friday’s
monthly jobs report. Meanwhile, the Dow ended the day lower, though both the
Dow and S&P 500 posted their largest monthly percentage gains in a year on
Friday.
The FKLI remain trading within a downward channel in daily chart. the index faced resistant at 1607 to 1608, which is the top of sideway consolidation and the index could trading further lower if fail to hold at 1601 to 1599 range Beware of any sentiment changes. Immediate support and resistance levels are identified at 1598 and 1603, respectively.
Recommend Trading Plan:
Long positions
may be opened above 1599 with targets at 1603/1605 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, Reuters)
FCPO
FCPO Feb month contract
dropped 65 points or 1.29% to close lower at 4955. Malaysian palm oil futures
declined on Monday, breaking a five-session winning streak, due to weaker
soyoil prices in the Dalian and Chicago markets, along with a drop in November
exports.
Overnight Soybean oil
Jan Month dropped 0.32 to close lower at 41.42. Dalian’s active palm oil
contract dropped 12 points to close lower at 10212 on previous night session.
Tracking the negative
performance in rival oil market, the palm price likely trade within a range. In Daily chart, the palm price broke up form an upward
channel and latest we see the price enter into a sideway consolidation phase.
The price attempt to broke up the resistant range at 5010 to 5020 but fail, trader
may consider sell on rebound, however if breaking above we might see buying opportunity.
The immediate support and resistance levels are pinpointed at 4981 and 5010,
respectively.
Recommend Trading Plan:
Long positions
may be opened above 5010 with targets 5033/5054 at stop-loss at 4990
Short
positions may be opened below 5010 with targets at 4981/4959 stop-loss at 5030
(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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