LOCAL MARKET
FKLI Mar month rose 12.5 points or 0.84% to closed higher at 1503.5. Bursa Malaysia's blue-chip index climbed during on previous session as bargain hunters stepped in, despite concerns over the impending US trade tariffs set to take effect in April.
Overnight Dow Jones index rose 4 points to closed moderately higher at 42587. Wall Street stocks closed higher on Tuesday, driven by gains in Apple, while Nvidia declined as investors analyzed consumer sentiment data and anticipated a more flexible trade policy stance from the Trump administration next week.
The actively traded FKLI contract remains in a broader downtrend on the larger timeframe but has recently formed a sideways consolidation within an upward channel, indicating a neutral sentiment and a temporary pause in selling pressure. On the hourly timeframe, the sideways range is defined by resistance at 1,511–1,512 and support at 1,588–1,589. The index is currently trading above the mid-range at 1,500–1,501. Holding above this level could present a buying opportunity, potentially pushing prices toward the upper range or even higher. However, failure to maintain support at the mid-range may lead to renewed selling pressure. Stay cautious of potential sentiment changes. Immediate support and resistance levels are identified at 1500 and 1508, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1503 with targets at 1508/1513 and stop-loss at 1498
Short positions may be opened below 1503 with targets at 1500/1495 and stop-loss at 1508
FCPO
FCPO Jun month dropped 60 points or 1.39% to closed lower at 4245 on midday session. Malaysian crude palm oil futures fell for the third consecutive session on Tuesday, reaching their lowest close in nearly two months, pressured by declining prices of rival vegetable oils in the Dalian and Chicago markets, along with weak export data.
Overnight soybean oil for the May contract rose 0.15 to closed higher at 42.30. Dalian’s active palm oil contract dropped 90 points to close lower at 8836 on previous night session.
The actively traded FCPO contract in daily time frame remains within a broad sideways range and has recently broken below the key support zone at 4,295–4,300, indicating continued bearish momentum. This zone now acts as a crucial resistance level. On the hourly timeframe, the price is consolidating within a narrow range, with resistance seen at 4,275–4,280 and support at 4,230–4,235. A breakout above the resistance zone could trigger further technical buying toward the 4,300–4,325 range. However, the main strategy remains to sell on rebounds. Failure to break above resistance may present a selling opportunity, potentially driving prices back to the lower range and beyond. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4252 and 4278, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4278 with targets at 4301/4326 stop-loss at 4258
Short positions may be opened below 4278 with targets at 4252/4230 stop-loss at 4298
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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