LOCAL MARKET
FKLI Apr month surged 56.5 points or 4.02% to closed higher at 1462. The FBM KLCI jumped 4.5% on Thursday as investors rushed to buy beaten-down stocks, spurred by U.S. President Donald Trump’s announcement of an immediate 90-day tariff pause for many countries.
Overnight Dow Jones index falls 1014 points to closed lower at 39593. Wall Street stocks plunged on Thursday amid growing concerns over the economic fallout from U.S. President Donald Trump's multi-front tariff war. All three major U.S. stock indexes saw sharp declines, erasing much of the previous session's gains as escalating trade tensions between Washington and Beijing overshadowed optimism from positive economic data and U.S.-Europe trade talks.
The actively traded FKLI contract surged in the previous session, recovering from losses recorded since April 7. However, on the daily chart, the index reached a high of 1477.5—matching the April 7 peak—before pulling back, forming a double-top pattern that now serves as a crucial resistance level for further recovery. On a smaller timeframe, an upward channel pattern has formed, with key support at the 1435–1440 range. Holding above this level could keep the buy plan intact, but a break below may trigger further selling pressure, potentially pushing the index back to the 1415–1410 range, especially given renewed selling pressure in the U.S. market. Stay cautious of potential sentiment changes. Immediate support and resistance levels are identified at 1435 and 1455, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1445 with targets at 1455/1465 and stop-loss at 1438
Short positions may be opened below 1445 with targets at 1435/1425 and stop-loss at 1452
FCPO
FCPO Jun month rose 52 points or 1.25% to closed higher at 4200. Malaysian crude palm oil futures surged on Thursday, recovering from the previous session's losses, driven by gains in rival oils on the Dalian market and supported by Malaysian Palm Oil Board (MPOB) data indicating a rise in March inventories.
Overnight soybean oil for the May contract rose 0.13 to closed slightly higher at 46.32. Dalian’s active palm oil contract rose 78 points to close higher at 8190 in yesterday’s night session.
The actively traded FCPO contract continued its recovery after finding support above the lower boundary of a broad sideways range at 4110–4105 on the larger timeframe. It remains trading within this range, staying below the key resistance zone at 4270–4275. On a smaller timeframe, support has been established at 4180–4185. As long as the price holds above this level, the buy plan remains valid. The nearest resistance is spotted at 4225–4230, and a breakout above this level could push the price toward the crucial resistance range. However, failure to break above may lead to sideways trading, with support at 4155–4160. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4131 and 4159, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4232 with targets at 4258/4281 stop-loss at 4212
Short positions may be opened below 4232 with targets at 4208/4185 stop-loss at 4252
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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