LOCAL MARKET
FKLI Jan month sinks 13.5 points or 0.85% to closed lower at 1581.5. The FBM KLCI experienced broad-based declines on Monday, with more than 900 stocks closing lower, highlighting the persistent weak sentiment in the market.
Overnight Dow Jones index rose 358 to closed higher at 42297. Stock indexes mostly dipped on Monday, with the Nasdaq falling and the S&P 500 edging up from a two-month low. U.S. 10-year Treasury yields hit 14-month highs, and the dollar index reached a two-year peak as resilient economic data and inflation raised doubts about a Federal Reserve pause.
The FKLI in daily time frame broke down the support range, bottom of sideway at 1582 to 1583, now serve as major resistant range. If breaking above the resistant range, we might see further technical buying toward 1586 to 1585, upside likely to be limited as major picture still on bearish side. Immediate support and resistance levels are identified at 1578 and 1583, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1583 with targets at 1587/1591 and stop-loss at 1578
Short positions may be opened below 1583 with targets at 1578/1574 and stop-loss at 1588
FCPO
FCPO Mar month contract rose 109 points or 2.48% to closed higher at 4500. Malaysian palm oil futures ended higher on Monday, supported by gains in soyoil prices on the Dalian and Chicago markets.
Overnight Soybean oil Mar Month rose 0.41 to close higher at 45.99. Dalian’s active palm oil contract closed unchanged at 8698 on previous night session.
Tracking the mixed performance in rival oil market, the palm price could trade in sideway consolidation with upside bias. In daily chart, the pattern remains bearish, with the major resistant see at 4560 to 4555, breaking above the major line could see further upside. Crucial support line sees at 4475 to 4480, forming double bottom pattern in hourly chart, supported here could remain buy on retracement plan. The immediate support and resistance levels are pinpointed at 4479 and 4502, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4479 with targets 4502/4523 at stop-loss at 4459
Short positions may be opened below 4479 with targets at 4457/4428 stop-loss at 4499
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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