LOCAL MARKET
FKLI Mar month dropped 9 points or 0.6% to closed lower at 1491. The FBM KLCI closed slightly lower as overall market sentiment remained weak, weighed down by mixed cues from regional markets.
Overnight Dow Jones index rose 597 points to closed higher at 42583. Global stocks surged on Monday, driven by gains in U.S. equities, while U.S. Treasury yields rose following reports that President Donald Trump's tariff plan could take a more targeted approach than initially expected, improving market sentiment.
The actively traded FKLI contract remains in a broader downtrend on the larger timeframe, maintaining a sell-on-rebound approach. However, the morning session may see some technical recovery, tracking the sharp rise in the overnight U.S. market. A rebound towards the 1,503–1,504 zone could present a selling opportunity, but a breakout above this level may drive further buying momentum towards 1,509–1,512. On the downside, key support is observed between 1,486 and 1,488. Stay cautious of potential sentiment changes. Immediate support and resistance levels are identified at 1491 and 1497, respectively.
(News Source: The Star; Reuters)
Long positions may be opened above 1503 with targets at 1509/1514 and stop-loss at 1498
Short positions may be opened below 1503 with targets at 1497/1491 and stop-loss at 1508
FCPO
FCPO Jun month dropped 70 points or 1.60% to closed lower at 4305 on midday session. Malaysian crude palm oil futures fell for the second straight session on Monday, reaching their lowest closing levels in nearly two months, weighed down by weakness in rival vegetable oils, while a weaker currency helped curb losses.
Overnight soybean oil for the May contract rose 0.14 to closed higher at 42.15. Dalian’s active palm oil contract rose 30 points to close higher at 928 on previous night session.
The actively traded FCPO contract on the daily timeframe continues to move within a broad sideways range. The price recently tested a key support zone between 4,295 and 4,300 before rebounding, which now serves as a crucial support level. From a broader perspective, holding above this range could potentially drive the price back into an upward trend, while a breakdown may lead to further downside. On the hourly timeframe, some technical buying opportunities are emerging, with resistance around 4,365 to 4,370, which remains a key selling zone for downside continuation. If the price breaks above this level, further buying momentum is likely. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4323 and 4348, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4372 with targets at 4394/4420 stop-loss at 4352
Short positions may be opened below 4372 with targets at 4348/4323 stop-loss at 4392
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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