LOCAL MARKET
FKLI Jan month dropped 2.5 points or 0.16% to closed lower at 1550.5. The FBM KLCI extended its losing streak to a fourth session on Thursday, with the benchmark FBM KLCI declining by 0.42%, in contrast to gains seen in other regional indices.
Overnight Dow Jones index dropped 68 to closed lower at 43153. U.S. stocks edged lower on Thursday, easing after a strong rally in the previous session, as investors evaluated the latest corporate earnings and economic data to assess the outlook for Federal Reserve rate cuts. A tame inflation report alleviated concerns about rising price pressures, while robust bank earnings had driven the three major U.S. indexes to their largest single-day percentage gains since November 6 in Wednesday's session.
The FKLI in daily time frame broke down another support 1551 to 1550 and trading further lower, we remain our plan for rebound sell highest rebound could see at 1555 to 1554 range. Next crucial support sees at 1538 to 1639. Beware of any sentiment changes. Immediate support and resistance levels are identified at 1548 and 1555, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1548 with targets at 1555/1560 and stop-loss at 1543
Short positions may be opened below 1548 with targets at 1543/1538 and stop-loss at 1553
FCPO
FCPO Apr month contract dropped 82 points or 1.92% to closed lower at 4186. Malaysian crude palm oil futures declined for the third consecutive session on Thursday, closing at their lowest level in over three months due to weak performance in competing vegetable oils and subdued demand.
Overnight Soybean oil Mar Month dropped 1.24 to close lower at 45.03. Dalian’s active palm oil contract dropped 134 closed lower at 8290 on previous night session.
Tracking the bearish performance in rival oil market, the palm price could remain trading in downward bias. In daily chart, the price broke down another crucial support at 4200, currently trading below the support line of downward channel 4165 to 4170 after consolidating for a while, we remain our view that rebound sell he main plan. New support line sees at 4080 to 4085, if breaking below the range, we might see further lower, if supported we might see technical buying to coming in. The immediate support and resistance levels are pinpointed at 4082 and 4107, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4107 with targets 4132/4156 at stop-loss at 4087
Short positions may be opened below 4107 with targets at 4082/4061 stop-loss at 4127
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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