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FKLI Dec month rose 10.5
points or 0.65% to closed higher at 1618.5. The FBM KLCI closed higher on Wednesday,
in line with most regional markets, as investors continued to accumulate
selected heavyweight stocks, driven primarily by utility counters.
Overnight Dow Jones rose
308 points to closed higher at 45014. A rally in U.S. tech stocks, coupled with
expectations of lower interest rates, lifted global markets on Wednesday, while
the euro and dollar remained stable despite political unrest in South Korea and
France. Wall Street’s major indexes surged to record closing highs, driven by
gains in tech stocks and remarks from Federal Reserve officials. Notably,
Salesforce and chipmaker Marvell Technology posted strong third-quarter
results.
The FKLI seems broke up
from resistant line of upward channel at around 1616 to 1617, if standing above
this line, the index could go further higher toward next resistant line. trader
may consider buy on retracement. Beware of any sentiment changes. Immediate
support and resistance levels are identified at 1614 and 1618, respectively.
(News Source: Bernama, Reuters)
FCPO Feb month contract
dropped 43 points or 0.85% to close lower at 5032. Malaysian crude palm oil
futures declined on Wednesday, weighed down by weakness in competing vegetable
oils, with additional pressure from a stronger ringgit.
Overnight Soybean oil
Jan Month dropped 0.72 to close lower at 41.42. Dalian’s active palm oil
contract dropped 4 points to close lower at 10386 on previous night session.
Tracking the negative
performance in rival oil market, the palm price likely to trading within a range.
The prices trading within an upward channel and trading within the support line,
if remain supported above 5060 to 5055, we could see buying opportunity, if
fail to hold we might see selling again. We reckon buy on retracement as main plan. The
immediate support and resistance levels are pinpointed at 5060 and 55090,
respectively.
Recommend Trading Plan:
Long positions
may be opened above 5075 with targets 5090/5105 at stop-loss at 5055
Short positions may be opened below 5075 with targets at 5060/5044 stop-loss at 5095
(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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