LOCAL MARKET
FKLI
FKLI Feb month dropped 3.5 point or 0.22% to closed lower at 1582.5. The FBM KLCI rebounded to close higher, while glovemakers led the list of top losers on Bursa Malaysia, with Hartalega Holdings Bhd recording the steepest decline.
Overnight Dow Jones index rose 10 to closed slightly higher at 44556. Global equity markets climbed on Tuesday, with the S&P 500 and European shares reaching record highs as investors assessed strong U.S. earnings, trade tariffs, and a significant increase in European defense spending. The benchmark S&P 500 edged past its previous record close in a holiday-shortened week, while all three major Wall Street indexes fluctuated between gains and losses before rallying in the final minutes.
The actively traded FKLI contract remains in a downward channel consolidation on the daily timeframe, currently trading near the middle of the range. The index previously rebounded to 1604–1605 but faced resistance, limiting further upside. On the hourly chart, it is trading near the upper boundary of the sideways consolidation range. In the short term, the primary strategy is to sell on rebounds, with crucial support expected at 1577–1575. If this level holds, buying opportunities may emerge, allowing the index to continue its recent uptrend. However, if support fails, further downside could follow. Stay cautious of potential sentiment changes. Immediate support and resistance levels are identified at 1579 and 1583, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1583 with targets at 1588/1592 and stop-loss at 1578
Short positions may be opened below 1583 with targets at 1579/1575 and stop-loss at 1588
FCPO
FCPO May month contract dropped 38 points or 0.84% to closed lower at 4504. Malaysian crude palm oil futures declined on Tuesday, following weaker rival edible oils, as traders awaited bullish signals to support prices.
Overnight soybean oil for the May contract rose 1.22 to closed higher at 47.74. Dalian’s active palm oil contract rose 76 points to close higher at 9124 on previous night session.
The actively traded FCPO contract remains within a wide sideways range, with the broader trend still negative. On the hourly chart, sentiment appears neutral as the price finds support around 4485–4490, marking the lower boundary of the minor sideways range, while resistance is seen at 4555–4560. The primary strategy is to buy on retracement—if the price pulls back to 4535–4540 and holds, an upside moves toward 4585–4590 is possible. However, if support fails, the price could retreat back to bottom and continue in consolidation. Stay alert to potential sentiment changes. The immediate support and resistance levels are pinpointed at 4539 and 4563, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4539 with targets 4563/4585 at stop-loss at 4519
Short positions may be opened below 4539 with targets at 4513/4490 stop-loss at 4559
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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