LOCAL MARKET
FKLI Jan month dropped 5.5 points or 0.34%
to closed lower at 1624.5 on midday session. The FBM KLCI
dropped sharply after a significant overnight decline on Wall Street, driven by
concerns that elevated US inflation could prolong higher interest rates.
Overnight Dow Jones dropped 178 points to closed lower at 42528. U.S. stocks dropped on Tuesday as strong economic data fueled concerns about slower Federal Reserve easing. Job openings unexpectedly rose in November, while December's services activity accelerated, with input prices hitting a near two-year high.
The FKLI in daily time
frame remain trading within a wide range of sideway consolidation and supported
above the middle of the range at, 1616 to 1618, trading above this range remain
to see healthy technical correction. The index remains trading within a downward
channel, with the price pointing to downside movement, sell on rebound remain main
plan. Support spot at 1623 to 1624, breaking below could see further lower. Beware
of any sentiment changes. 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 1631/1635 and stop-loss at 1622
Short positions may be opened below 1627 with targets at 1623/1619 and stop-loss at 1632
FCPO
FCPO Mar month dropped 32 points or 0.73% to closed lower at 4333 on midday session. Malaysian crude palm oil futures climbed for the second straight day on Wednesday, supported by gains in Dalian palm olein and Chicago soyoil.
Overnight Soybean oil Mar Month rose 0.92 to close higher at 41.25. Dalian’s active palm oil contract rose 90 points to close higher at 8666 on previous night session.
In daily chart, the
pattern remains bearish, the price opens higher on morning session and then
faced selling pressure. In hourly chart, we see the price trading below the middle
of sideway consolidation range 4355 to 4360, we remain our plan as sell on
rebound, with support see at 4330 to 4325. If the price recovers and break
above the middle range, trader may try to buy. The immediate support and
resistance levels are identified at 4326 and 4353, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4353 with targets 4378/4400 at stop-loss at 4333
Short positions may be opened below 4353 with targets at 4326/4304 stop-loss at 4373
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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