LOCAL MARKET
FKLI Feb month rose 10 points or 0.64% to closed higher at 1573.5. The FBM KLCI ended higher on Wednesday, extending its upward momentum as continued bargain hunting bolstered investor confidence.
Overnight Dow Jones index rose 317 to closed higher at 44873. U.S. stocks closed a volatile session with gains on Wednesday, while benchmark Treasury yields declined, as disappointing earnings and mixed economic data offset fading concerns over an escalating global trade war.
The FKLI active contract is holding above the support line of the downward channel at 1553–1555 on the daily chart, signaling support within the broader trend. On the hourly chart, the price is trading above the midpoint of the sideways range at 1560–1562. A buy-on-retracement strategy is recommended for short-term trades, with potential upside targets around 1577–1576 and possibly reaching the top of the sideways range at 1582–1581. Key support is identified at 1569–1568; if this level fails to hold, it may trigger selling pressure. Beware of any sentiment changes. Immediate support and resistance levels are identified at 1569 and 1574, respectively.
(News Source: The Star; Reuters)
FCPO Apr month contract rose 26 points or 0.60% to closed higher at 4334. Malaysian crude palm oil futures closed higher on Wednesday, supported by gains in rival Dalian edible oils, as traders remained hopeful about a potential rebound in palm oil demand from India.
Overnight soybean oil for the March contract dropped 0.67 to closed lower at 45.09. Dalian’s active palm oil contract dropped 8 points to close slightly lower at 8568 on previous night session.
The FCPO active contract remains within a downward channel on the daily chart, with major resistance at 4410–4415. The broader trend remains bearish unless the price breaks above this key resistance line. On the hourly chart, the price is trading above the upper range of the previous sideways consolidation at 4275–4280, showing signs of support. A new support zone is identified at 4310–4305, offering a potential short-term buying opportunity if this level holds. However, if the support fails, the price may decline back to the 4275–4280 range. The immediate support and resistance levels are pinpointed at 4310 and 4331, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4310 with targets 4331/4353 at stop-loss at 4290
Short positions may be opened below 4310 with targets at 4285/4262 stop-loss at 4330
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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