LOCAL MARKET
FKLI Feb month rose 4.5 points or 0.28% to closed higher at 1591. The FBMKLCI index eased as investors took a breather to lock in profits after recent gains, while the ringgit weakened against the US dollar on Monday following U.S. President Donald Trump's announcement of a 25% tariff on steel and aluminum imports.
Overnight Dow Jones index rose 123 to closed higher at 44593. Wall Street's main indexes closed mixed on Tuesday, as gains in Coca-Cola and Apple balanced losses in Tesla, while investors assessed Federal Reserve Chair Jerome Powell's latest remarks.
The actively traded FKLI contract remains above the previous resistance zone of 1,585–1,587, now a key support range, indicating an upward bias with buy-on-retracement as the main strategy. On the hourly chart, the index is forming an upward channel and trending higher. Resistance is seen at 1,592–1,593, with a breakout potentially pushing prices toward 1,599–1,600, while failure to break could trigger selling pressure. Immediate support and resistance levels are identified at 1587 and 1592, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1592 with targets at 1596/1600 and stop-loss at 1587
Short positions may be opened below 1592 with targets at 1587/1584 and stop-loss at 1597
FCPO
FCPO Apr month contract rose 89 points or 1.98% to closed higher at 4593. Malaysian crude palm oil futures climbed for the fourth consecutive session on Monday, driven by industry regulator data showing a decline in the country's stock levels and expectations of stronger demand, boosting market optimism.
Overnight soybean oil for the March contract rose 0.40 to closed higher at 46.13. Dalian’s active palm oil contract rose 66 points to close higher at 9118 on previous night session.
The actively traded FCPO contract broke resistance at 4,550–4,545 on the daily chart, reaching 4,617 before pulling back. It is likely to trade above this range. On the hourly chart, it breached 4,565–4,575, now a support zone. Holding above keeps the buy plan intact, with resistance at 4,615–4,620 and a breakout potentially targeting 4,635–4,640. Stay alert to potential sentiment changes. The immediate support and resistance levels are pinpointed at 4590 and 4616, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4590 with targets 4616/4637 at stop-loss at 4570
Short positions may be opened below 4590 with targets at 4565/4542 stop-loss at 4610
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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