LOCAL MARKET
FKLI Feb month rose 3 points or 0.19% to closed higher at 1586.5. The FBM KLCI continued its rally for a fourth consecutive session on Friday, driven by broader optimism and positive performances in global markets.
Overnight Dow Jones index dropped 444 to closed lower at 44303. All three major U.S. stock indexes ended lower on Friday following President Donald Trump's announcement of plans to impose reciprocal tariffs on numerous countries next week. While Trump did not specify the targeted countries, he indicated it would be a broad initiative aimed at addressing U.S. budget issues. The decline was further pressured by weak jobs data and softer consumer sentiment.
The FKLI active contract on the daily chart has reached the key resistance zone of 1585 -1586, hovering in the area and forming a double top. The new support is observed at the 1582–1583 range. If this support fails to hold, further profit-taking could emerge. However, if the support holds, buying may resume, targeting the major resistance level. A breakout above 1586 could spark strong buying momentum, potentially driving the price toward the 1595–1600 range. Beware of any sentiment changes. Immediate support and resistance levels are identified at 1583 and 1586, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1583 with targets at 1586/1590 and stop-loss at 1578
Short positions may be opened below 1583 with targets at 1579/1574 and stop-loss at 1588
FCPO
FCPO Apr month contract rose 101 points or 2.29% to closed higher at 4504. Malaysian crude palm oil futures ended higher on Friday, marking their third consecutive week of gains, driven by a weaker ringgit, expected Ramadan demand, and seasonal production drops.
Overnight soybean oil for the March contract rose 0.58 to closed higher at 45.98. Dalian’s active palm oil contract rose 124 points to close higher at 8916 on previous night session.
The FCPO active contract has broken above the resistance line of the downward channel at 4415-4420, which now serves as a major support level. The price recently tested the key resistance area at 4545-4550 before pulling back. While a short-term technical correction is likely, with the price potentially retreating to 4455-4460 and offering a buying opportunity, the broader trend suggests an upward continuation if the 4545-4550 resistance is decisively breached. Stay alert to potential sentiment changes. The immediate support and resistance levels are pinpointed at 4502 and 4525, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4525 with targets 4548/4575 at stop-loss at 4505
Short positions may be opened below 4525 with targets at 4502/4480 stop-loss at 4545
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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