LOCAL MARKET
FKLI Apr month dropped 10.5 points or 0.71% to closed lower at 1464.5. The FBM KLCI closed lower on Wednesday, pressured by continued profit-taking and lingering concerns over global trade tariffs.
Overnight Dow Jones index dropped 699 points to closed lower at 39669. U.S. stocks closed sharply lower on Wednesday after Nvidia (NVDA.O) warned of significant costs due to new U.S. restrictions on chip exports to China, while Federal Reserve Chair Jerome Powell noted signs of a slowdown in U.S. economic growth.
The actively traded FKLI contract has broken below the lower boundary of the recent sideways consolidation at 1460–1465, which now acts as a resistance zone. The market is expected to face further selling pressure today, following overnight losses in the U.S. market. Immediate support is seen at 1453–1450; a break below this level could lead to further downside, potentially towards 1448–1445 or lower. Crucial support see at 1430 to 1432. Stay cautious of potential sentiment changes. Immediate support and resistance levels are identified at 1450 and 1460, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1450 with targets at 1460/1470 and stop-loss at 1443
Short positions may be opened below 1450 with targets at 1440/1430 and stop-loss at 1457
FCPO
FCPO Jul month dropped 93 points or 2.26% to closed lower at 4015. Malaysian crude palm oil futures declined for a third consecutive session on Wednesday, pressured by weak performance in Dalian vegetable oil markets and expectations of higher production.
Overnight soybean oil for the Jul contract rose 0.16 to closed higher at 48.00. Dalian’s active palm oil contract dropped 10 points to close higher at 8148 in yesterday’s night session.
The actively traded FCPO contract on the daily chart continues to show downside momentum after breaking below the 4100–4105 support, the lower boundary of a broad sideways consolidation. This zone now acts as a key resistance area, with immediate resistance seen at 4075–4080 — a potential selling zone if the price rebounds. On the hourly chart, price action shows minor sideways consolidation, with support observed around the 4000–4005 level. This range may trigger short-term buying momentum, with upside potential capped around 4050–4055. A breakdown below 4000 could lead to renewed selling pressure. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4026 and 4052, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4052 with targets at 4078/4102 stop-loss at 4032
Short positions may be opened below 4052 with targets at 4026/4001 stop-loss at 4072
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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