LOCAL MARKET
FKLI Jan month dropped 7 points or 0.45% to closed lower at 1552.5. The FBM KLCI ended at its intraday low on Monday, weighed down by YTL-related counters, as cautious investors remained on the sidelines, mirroring the trend across regional markets.
Overnight Dow Jones index rose 289 to closed higher at 44713. The Dow gained, while the Nasdaq saw its largest one-day percentage drop since December 18 on Monday, as the launch of a low-cost Chinese artificial intelligence model triggered a sharp selloff in U.S. chipmakers.
The FKLI in daily time frame resisted below 1561 to 1563 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 adjusted to 1552 to 1551, the previous support 1558 to 1560 now serve as middle of the range, we likely to see rebound sell to continue. Crucial support sees at 1550 to 1551 to maintain the minor uptrend build since the 17 Jan. Immediate support and resistance levels are identified at 1557 and 1560, respectively.
(News Source: The Star)
Recommend Trading Plan:
Long positions may be opened above 1560 with targets at 1564/1568 and stop-loss at 1555
Short positions may be opened below 1560 with targets at 1557/1553 and stop-loss at 1565
FCPO
FCPO Apr month contract rose 2 points or 0.05% to closed almost flat at 4218. Malaysian crude palm oil futures closed unchanged on Monday, as a decline in the Chicago soyoil contract and lower export forecasts were balanced by anticipated production declines.
Overnight soybean oil for the March contract dropped 0.22 to closed lower at 45.22. Dalian’s active palm oil contract rose 44 closed higher at 8324 on previous session. The China commodities market is closed for a week in observance of Chinese New Year, with trading set to resume on February 5.
The palm price remains hovering at the bottom area of the downward channel in daily chart, the bigger pictures remain bearish. While in hourly chart the price trading in very tight range on previous session, and remain within a sideway consolidation, top of the range at 4275 to 4280, while bottom at 4130 to 4125, trading above the middle of the range 4200 to 4205, could remain buy plan, 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 4225, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4225 with targets 4251/4276 at stop-loss at 4205
Short positions may be opened below 4225 with targets at 4204/4180 stop-loss at 4245
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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