LOCAL MARKET
FKLI Mar month rose 6 points or 0.4% to closed higher at 1500. Bursa The FBM KLCI closed higher on Friday despite cautious market sentiment, defying the downward trend seen in other regional indices.
Overnight Dow Jones index rose 32 points to closed moderately higher at 41985. Wall Street edged higher, and the dollar strengthened on Friday after U.S. President Donald Trump suggested flexibility on the upcoming round of tariffs set for early next month. However, lingering economic uncertainties and ongoing geopolitical tensions kept investors cautious.
The actively traded FKLI contract remains in a broader downtrend on the larger timeframe, with a rebound to 1,527 followed by a pullback toward the 1,500 range. On the hourly timeframe, the index also signals a downward bias, with immediate support at 1,497–1,498. A break below this level could push the index toward 1,486–1,484, while support holding could see a rebound toward 1,505–1,506, though with limited upside potential. Stay cautious of potential sentiment changes. Immediate support and resistance levels are identified at 1498 and 1505, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1498 with targets at 1505/1511 and stop-loss at 1493
Short positions may be opened below 1498 with targets at 1492/1486 and stop-loss at 1503
FCPO
FCPO Jun month dropped 38 points or 0.86% to closed lower at 4375 on midday session. Malaysia crude palm oil ended lower on Friday, marking its second consecutive weekly decline, pressured by weakness in Chicago soyoil futures and sluggish Malaysian palm oil exports.
Overnight soybean oil for the May contract dropped 0.70 to closed lower at 42.01. Dalian’s active palm oil contract dropped 68 points to close lower at 9020 on previous night session.
The actively traded FCPO contract continues to consolidate within a wide range on the daily chart, remaining below the key resistance zone of 4,430–4,425, which reinforces a downside bias. On the hourly timeframe, the price is hovering near the support line of a minor upward channel at 4,370–4,375. A break below this support could trigger further selling pressure toward 4,340–4,345. However, if the price remains supported above 4,370–4,375, buying opportunities may emerge with limited upside potential, with highs possibly reaching the 4,410–4,415 range. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4365 and 4389, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4365 with targets at 4389/4413 stop-loss at 4345
Short positions may be opened below 4365 with targets at 4344/4318 stop-loss at 4385
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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