LOCAL MARKET
FKLI
FKLI Feb month dropped 1 point or 0.06% to closed slightly lower at 1599. The FBM KLCI fell back below the 1,600-point psychological level on Thursday close, reversing previous session gains, as cautious sentiment lingered in the broader market.
Overnight Dow Jones index rose 342 to closed higher at 44711. A global stock index reached an intraday record on Thursday, while U.S. Treasury yields tumbled as an inflation reading raised hopes that the Federal Reserve's preferred price measure may be softer than expected.
The actively traded FKLI contract faced resistance at the 1,604–1,605 range after a recent surge, forming a doji candle that signals a potential reversal. On the hourly chart, prices are consolidating sideways after the uptrend, with a rebound sell possible. Support is seen at 1,595–1,596; a break below could push prices toward 1,592, while holding this level may offer a buying opportunity with limited upside. Stay cautious of potential sentiment changes. Immediate support and resistance levels are identified at 1596 and 1599, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1599 with targets at 1604/1608 and stop-loss at 1594
Short positions may be opened below 1599 with targets at 1596/1592 and stop-loss at 1604
FCPO
FCPO Apr month contract dropped 67 points or 1.45% to closed lower at 4554. Malaysian crude palm oil futures fell on Thursday, ending a five-session winning streak, as weaker Dalian oils and a drop in crude oil prices, driven by talks to resolve the Ukraine-Russia war, pressured the market.
Overnight soybean oil for the May contract rose 0.55 to closed higher at 46.68. Dalian’s active palm oil contract dropped 48 points to close lower at 8996 on previous night session.
The actively traded FCPO contract attempted twice to break above the 4,645–4,650 resistance range on the daily chart but failed, leading to sideways consolidation. Currently, prices are trading below the top of this range, indicating a downward bias. On the hourly chart, the price is hovering above the uptrend support at 4,540–4,545. A break below this support could signal further technical correction. However, if the range holds, it may present a potential buying opportunity. Stay alert to potential sentiment changes. The immediate support and resistance levels are pinpointed at 4561 and 4586, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4586 with targets 4607/4630 at stop-loss at 4566
Short positions may be opened below 4586 with targets at 4561/4538 stop-loss at 4606
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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