LOCAL MARKET
FKLI Jan month rose 10 points or 0.64% to closed higher at 1572.5. The FBM KLCI extended its uptrend at Tuesday's close, driven by buying activity in selected heavyweight stocks, particularly within industrial products and services, utilities, and financial services.
Overnight Dow Jones index rose 537 to closed higher at 44025. Wall Street's main indexes climbed on Tuesday, with the S&P 500 and the Dow reaching their highest levels in over a month. Investors reacted to Donald Trump's initial actions as U.S. president, finding reassurance in his decision not to begin his second term with sweeping tariff increases.
The FKLI in daily time frame breaking the new reseating at 1572 to 1571 and moving further higher, potentially continue to moving higher for short term with buy on retracement the main plan. New resistant area sees at 1581 to 1582, breaking above could see further higher however bigger picture still see major resistant at 1600. Beware of any sentiment change. Immediate support and resistance levels are identified at 1574 and 1581, respectively.
(News Source: Bernama; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1574 with targets at 1581/1586 and stop-loss at 1569
Short positions may be opened below 1574 with targets at 1568/1563 and stop-loss at 1579
FCPO
FCPO Apr month contract rose 54 points or 1.28% to closed higher at 4260. Malaysian crude palm oil futures rose for a third consecutive session on Tuesday, driven by gains in Dalian and Chicago vegetable oil markets. According to a Reuters poll, CPO futures are projected to average higher in 2025 compared to last year, supported by increased palm oil-based biodiesel consumption in Indonesia, the leading producer. However, the upside may be capped by competition from cheaper alternatives.
Overnight soybean oil for the March contract rose 0.08 to closed higher at 45.77. Dalian’s active palm oil contract dropped 34 closed lower at 8412 on previous night session.
Tracking the mixed performance in rival oil market, the palm price likely to remain hovering at the bottom of the downward channel. Bigger pictures still see rebound sell, however short term see upward channel consolidation, support see at 4215 to 4220, sustain above could see buying opportunity, fail to support potential moving further lower. Crucial resistant see at 4280 to 4285 range. The immediate support and resistance levels are pinpointed at 4213 and 4235, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4235 with targets 4258/4283 at stop-loss at 4215
Short positions may be opened below 4235 with targets at 4213/4191 stop-loss at 4255
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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