4 December 2024 BMD Local Market

 LOCAL MARKET 

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FKLI

FKLI Dec month rose 7 points or 0.44% to closed higher at 1608. The FBM KLCI closed above the 1,600 level, finishing the session on a high note as bargain hunting lifted the index following a series of lackluster performances.

Overnight Dow Jones dropped 76 points to closed lower at 44705. The S&P 500 and Nasdaq edged to record closing highs on Tuesday, driven by continued gains in tech-related stocks, as investors anticipated upcoming jobs data. Meanwhile, the Dow ended the day with a slight decline.

The FKLI remain trading within a downward channel in daily chart. the index hovering at the area of resistant at 1607 to 1608, which is the top of sideway consolidation. Breaking above potentially sees further higher, crucial support range see at 1605 to 1604, if the index pull back and supported, trader may consider buy on retracement. Beware of any sentiment changes. Immediate support and resistance levels are identified at 1605 and 1608, respectively.

Recommend Trading Plan:

Long positions may be opened above 1605 with targets at 1608/1611 and stop-loss at 1600

Short positions may be opened below 1605 with targets at 1601/1597 and stop-loss at 1610

(News Source: The star, Reuters)

FCPO

FCPO Feb month contract rose 120 points or 2.42% to close higher at 5075. Malaysian crude palm oil futures gained on Tuesday, driven by strong Dalian palm oil and Chicago soyoil prices. Supply concerns stemming from floods in Peninsular Malaysia, along with an increase in Indonesia's export tax and levy for December, provided additional support.

Overnight Soybean oil Jan Month rose 0.72 to close higher at 42.14. Dalian’s active palm oil contract rose 184 points to close higher at 10438 on previous night session.

Tracking the positive performance in rival oil market, the palm price likely to remain in upward bias trading. We reckon buy on retracement as main plan, support level sees at 5030 to 5025, supported could provide buying opportunity. Otherwise, it could provide selling opportunity toward 5110 to 5115 range, the bottom of minor sideway consolidation which spot at smaller time frame. The immediate support and resistance levels are pinpointed at 5131 and 5155, respectively.

Recommend Trading Plan:

Long positions may be opened above 5131 with targets 5155/5178 at stop-loss at 5111

Short positions may be opened below 5131 with targets at 5117/5102 stop-loss at 5151

(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.