LOCAL MARKET
FKLI Jan month dropped 11.5 points or 0.73% to closed lower at 1559.5. The FBM KLCI closed lower on Friday as profit-taking activities continued for the second straight day, with investors adjusting their positions ahead of next week’s shortened trading schedule.
Overnight Dow Jones index dropped 140 to closed lower at 44424. Wall Street's major indexes ended lower on Friday as investors paused to assess a mix of economic data and earnings reports, while gearing up for a week packed with economic releases and a Federal Reserve meeting.
The FKLI in daily time frame resisted below 1570 to 1568 and trading further lower. We see the index hovering within the sideway range in short term time frame, top see at 1565 to 1564, while bottom at 1558 to 1559, breaking either side could move toward the direction, rebound sell remain the main strategy, crucial support see at 1550 to 1551 to maintain the minor uptrend build since the 17 Jan. Immediate support and resistance levels are identified at 1559 and 1564, respectively.
(News Source: Bernama, Reuters)
Recommend Trading Plan:
Long positions may be opened above 1559 with targets at 1564/1569 and stop-loss at 1554
Short positions may be opened below 1559 with targets at 1554/1550 and stop-loss at 1564
FCPO
FCPO Apr month contract rose 26 points or 0.62% to closed higher at 4216. Malaysian crude palm oil futures rebounded on Friday, closing higher and securing a slight weekly gain following data from the Malaysian Palm Oil Association that revealed a drop in production.
Overnight soybean oil for the March contract rose 0.18 to closed higher at 45.22. Dalian’s active palm oil contract rose 44 closed higher at 8324 on previous night session.
The palm price likely to remain hovering at the bottom area of the downward channel in daily chart, the bigger pictures remain bearish. While in hourly chart the price trading within a sideway consolidation, top of the range at 4275 to 4280, while bottom at 4130 to 4125, latest above the middle of the range 4200 to 4205, if the middle of the range remain supported, we might see further technical buying, otherwise, selling may persist. On the buy side, if breaking above 4250 range likely reaching the top of the sideway range. Beware of any sentiment changes. The immediate support and resistance levels are pinpointed at 4204 and 4230, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4204 with targets 4230/4251 at stop-loss at 4184
Short positions may be opened below 4204 with targets at 4180/4154 stop-loss at 4224
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.
0 comments:
Post a Comment