LOCAL MARKET
FKLI Mar month dropped 6 points or 0.39% to closed lower at 1514. Bursa Malaysia’s benchmark index closed lower on Wednesday, weighed down by selling pressure in the construction and banking sectors, while healthcare stocks attracted some buying interest, according to analysts.
Overnight Dow Jones index rose 383 points to closed higher at 41964. U.S. stocks surged on Wednesday after the Federal Reserve, as widely anticipated, left interest rates unchanged, while both the central bank and investors assessed the impact of President Donald Trump's tariff policies on the economy and inflation.
The actively traded FKLI contract remains in an upward trend, with the broader outlook still supported at the crucial 1506-1507 level. In the previous session, the candle closed with a doji pattern, signaling a potential shift in direction. Technical selling is possible but with limited downside. Immediate support is seen at 1512-1510, and a break below this level could lead to a move toward 1506-1507. However, if support holds, buying momentum may strengthen. Stay cautious of potential sentiment changes. Immediate support and resistance levels are identified at 1512 and 1519, respectively.
(News Source: The Star; Reuters)
Long positions may be opened above 1516 with targets at 1519/1525 and stop-loss at 1511
Short positions may be opened below 1516 with targets at 1512/1506 and stop-loss at 1521
FCPO Jun month contract rose 23 points or 0.53% to closed higher at 4389. Malaysian crude palm oil prices rose on Wednesday following Indonesia's reaffirmation of its plan to increase the palm oil export levy, though gains were limited by weaker production data in Malaysia.
Overnight soybean oil for the May contract dropped 0.18 to closed lower at 42.36. Dalian’s active palm oil contract dropped 78 points to close lower at 8990 on previous night session.
The actively traded FCPO contract remains in a wide-ranging sideways consolidation on the daily chart, staying below the key resistance zone of 4430-4425, reinforcing a downside bias. On the hourly chart, the price is forming a downward channel consolidation, recently touching the support line around the 4345-4340 area, where some technical buying is expected. Resistance is seen at 4420-4415, and if the gap is covered without further upside momentum, the price could turn downward. However, if resistance breaks, there is potential for further gains toward the 4445-4440 range. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4366 and 4394, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4394 with targets at 4419/4445 stop-loss at 4374
Short positions may be opened below 4394 with targets at 4366/4343 stop-loss at 4414
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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