LOCAL MARKET
FKLI Dec month rose 19.5 point or 1.21% to closed higher 1624.5. The FBM KLCI ended 0.9% higher on Friday, driven by selective blue-chip gains as year-end window dressing provided a boost.
Overnight Dow Jones dropped 333 points to closed lower at 42992. U.S. stocks ended Christmas week on Friday by pulling back from their double-digit uptrends, while the dollar also saw modest declines. Both markets faced profit-taking in thin trading as they headed into the final weekend of 2024.
The FKLI index on last week broke up from the resistant line of downward channel and trading further higher, the index received support above the range of 1613 to 1614. Today we might see some technical correction to take place, but downside could be limited. Support sees at 1617 to 1619 range, if the index sustains at the range, trader may consider buying, if fail to sustain we might see lowest at 1614 to 1613. Immediate support and resistance levels are identified at 1619 and 1625, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1625 with targets at 1630/1634 and stop-loss at 1620
Short positions may be opened below 1625 with targets at 1619/1614 and stop-loss at 1630
FCPO
FCPO Mar month contract rose 81 points or 1.78% to closed higher at 4624. Malaysian crude palm oil futures climbed on Friday, supported by bargain hunting and stronger performance in competing edible oils, although gains were limited by weaker export estimates.
Overnight Soybean oil Mar Month rose 0.12 to close higher at 40.00. Dalian’s active palm oil contract rose 10 points to close slightly higher at 8784 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 in upward momentum for consecutive 4 days, forming an upward channel pattern, we see more room for further upside, hence buy on retracement remain the main plan. Crucial resistant range see at 4645 to 4650, breaking above could see further higher. The immediate support and resistance levels are pinpointed at 4596 and 4529, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4596 with targets 4629/4650 at stop-loss at 4576
Short positions may be opened below 4596 with targets at 4571/4546 stop-loss at 4616
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.
0 comments:
Post a Comment