LOCAL MARKET
FKLI Jan month dropped 4.5 points or 0.29% to closed lower at 1562.5. The FBM KLCI ended higher on Monday, driven by sustained buying in index-linked stocks, particularly Tenaga Nasional and PETRONAS Gas, supported by positive performance in regional markets.
Overnight Dow Jones index rose 334 to closed higher at 43487. US stock futures rose on Monday evening after President Donald Trump was sworn in for his second term, pledging a new "golden age" for the U.S. and signing several executive orders. Investors reacted positively, particularly to the absence of new tariffs in the initial orders. The cash market, which was closed yesterday for a holiday, will resume trading today.
The FKLI in daily time frame resisted below 1563 to 1564 and hovering at the bottom of downward channel, in short term we remain to see opportunity for buying if breaking above the resistant range again, otherwise selling pressure may coming in but likely supported above at 1558 to 1556. Immediate support and resistance levels are identified at 1558 and 1563, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1563 with targets at 1568/1572 and stop-loss at 1558
Short positions may be opened below 1563 with targets at 1558/1554 and stop-loss at 1568
FCPO
FCPO Apr month contract rose 16 points or 0.38% to closed higher at 4206. Malaysian crude palm oil futures advanced for a second consecutive session on Monday, driven by strength in Dalian vegetable oils and bargain buying. However, weak palm oil exports during the January 1-20 period capped the gains.
Overnight soybean oil for the March contract gained 0.66, closing higher at 45.69 during Friday's session. The market was closed yesterday and has resumed trading today. Dalian’s active palm oil contract rose 30 closed higher at 8426 on previous night session.
Tracking the bullish performance in rival oil market, the palm price likely to remain hovering at the bottom of the downward channel. Bigger pictures still see the opportunity for rebound sell, however short term we might see technical buying. Closer support level sees at 4280 to 4185, if breaking below the price could go further lower, otherwise may provide buying opportunity. The immediate support and resistance levels are pinpointed at 4185 and 4212, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4185 with targets 4212/4233 at stop-loss at 4165
Short positions may be opened below 4185 with targets at 4164/4140 stop-loss at 4205
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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