LOCAL MARKET
FKLI Feb month rose 10 points or 0.64% to closed higher at 1583.5. The FBM KLCI index surged sharply on Thursday, driven by last-minute buying interest, marking its third consecutive session of gains and aligning with the positive momentum in regional markets.
Overnight Dow Jones index dropped 125 to closed lower at 44747. U.S. stocks ended a volatile session mixed on Thursday as investors weighed a wave of earnings, while easing fears of escalating tariff conflicts limited gold's streak of record highs.
The FKLI active contract on the daily chart has reached the major resistance range of 1583–1585 and pulled back, forming a double top. If the support at 1579–1580 fails to hold, further profit-taking may occur. However, if the support holds, buying could resume toward the major resistance. A breakout above this level could trigger strong buying momentum. Beware of any sentiment changes. Immediate support and resistance levels are identified at 1580 and 1585, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1580 with targets at 1585/1589 and stop-loss at 1575
Short positions may be opened below 1580 with targets at 1576/1572 and stop-loss at 1585
FCPO
FCPO Apr month contract rose 69 points or 1.59% to closed higher at 4403. Malaysian crude palm oil futures climbed for the second straight session on Thursday, supported by anticipated production declines, although gains were limited by weak demand from major importing nations.
Overnight soybean oil for the March contract rose 0.31 to closed higher at 45.40. Dalian’s active palm oil contract rose 88 points to close higher at 8722 on previous night session.
The FCPO active contract broke above the downward channel's resistance, now adjusted to 4380–4385, and tested the 4410–4415 zone for the third time, signaling a potential breakout from the downtrend daily chart. Currently consolidating sideways within an upward channel on the hourly chart, buying on retracements is suggested. A strong breakout above 4415 could lead to further gains, while failure may trigger selling pressure. The immediate support and resistance levels are pinpointed at 4381 and 4413, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4413 with targets 4437/4461 at stop-loss at 4393
Short positions may be opened below 4313 with targets at 4381/4359 stop-loss at 4433
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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