LOCAL MARKET
FKLI Jan month dropped 7 points or 0.43% to closed lower at 1623.5. The FBM KLCI extended its decline for a third consecutive session, pressured by selling activity in PETRONAS-linked stocks.
Overnight Dow Jones dropped 25 points to closed lower at 42706. The Dow fell, while the S&P 500 and Nasdaq Composite climbed to over one-week highs on Monday. The gains were fueled by a rally in semiconductor stocks and a report suggesting that the incoming Trump administration might take a less aggressive approach to tariffs than previously expected.
The FKLI in daily time frame remain trading within a wide range of sideway consolidation. The index trades lower on previous session and likely to remain in downward channel trading, with sell on rebound as main plan. Support sees at 1632 to 1624 range, breaking below could see further downside. Immediate support and resistance levels are identified at 1623 and 1627, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1627 with targets at 1630/1633 and stop-loss at 1622
Short positions may be opened below 1627 with targets at 1623/1620 and stop-loss at 1632
FCPO
FCPO Mar month contract dropped 30 points or 0.69% to closed lower at 4338. Malaysian palm oil futures declined on Monday, weighed down by subdued demand from a key market, India.
In December, India's palm oil imports fell to a nine-month low as a surge in prices to 2.5-year high drove refiners to opt for soyoil, which was available at a discounted rate, according to five dealers last Friday.
Overnight Soybean oil Mar Month rose 0.40 to close higher at 40.33. Dalian’s active palm oil contract rose 16 points to close higher at 8572 on previous night session.
Tracking the mixed performance in rival oil market, the palm price could continue to trade within a range. In daily chart, the prices trading below a crucial resistant range 4400 to 4395, bearish momentum remain intact, main plan still sell on rebound. In hourly chart, the price forms downward channel consolidation and currently trading at the middle of the range pointing to upside bias on technical buying, however resistant see at 4355 to 4360 range, breaking above could see further higher but limited gain. Fail to break above, selling may continue. The immediate support and resistance levels are pinpointed at 4331 and 4357, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4357 with targets 4378/4399 at stop-loss at 4337
Short positions may be opened below 4357 with targets at 4331/4309 stop-loss at 4377
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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