LOCAL MARKET
FKLI Jan month dropped 7.5 points or 0.46% to closed lower at 1630.5. The FBM KLCI continued its downward trend on Friday session, closing lower for the second straight day amidst mixed regional market sentiment.
Overnight Dow Jones rose 339 points to closed higher at 42732. Global stocks rallied on Friday but remained on track for a weekly decline, while the dollar paused its recent rally, finding support from a stronger-than-expected U.S. manufacturing survey. U.S. equities posted strong gains, with the S&P 500 and Nasdaq rising more than 1%, breaking a five-session losing streak—their longest since mid-April. All 11 major sectors of the S&P 500 advanced, led by a 2.42% surge in consumer discretionary stocks.
The FKLI trade lower on previous session and likely to remain in downward channel trading, with sell on rebound as main plan. Resistant range see at 1632 to 1633, if fail to break above the line we might see selling opportunity. Otherwise, the index could trade further higher with limited upside. Immediate support and resistance levels are identified at 1628 and 1632, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1632 with targets at 1635/1639 and stop-loss at 1627
Short positions may be opened below 1632 with targets at 1628/1625 and stop-loss at 1637
FCPO
FCPO Mar month contract rose 35 points or 0.81% to closed higher at 4368. Malaysian palm oil futures ended higher on Friday but recorded a 5.41% weekly loss, reversing the gains from the prior week.
Overnight Soybean oil Mar Month dropped 0.34 to close lower at 39.93. Dalian’s active palm oil contract rose 46 points to close higher at 8528 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, remain in bearish momentum, main plan still sell on rebound. In hourly chart, the price forms sideway consolidation, top is the crucial resistant range, while bottom at 4295 to 4290. We might see the market trading within the range, if breaking either way could move toward the direction. The immediate support and resistance levels are pinpointed at 4350 and 4375, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4375 with targets 4398/4422 at stop-loss at 4355
Short positions may be opened below 4375 with targets at 4350/4328 stop-loss at 4395
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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