LOCAL MARKET
FKLI Apr month rose 13.5 points or 0.91% to closed higher at 1497. The FBM KLCI reversed early losses to end higher yesterday, buoyed by stronger performances in regional markets and improved investor sentiment.
The U.S. market was closed last Friday in observance of Good Friday and has resumed trading today. Asia-Pacific markets opened mixed on Monday as investors awaited China’s rate decision, with the yuan under pressure amid ongoing trade tensions between Beijing and Washington.
The actively traded FKLI contract remains within a downward channel on the daily chart but has broken above the resistance zone at 1587–1589, which now serves as immediate support. We maintain a buy-on-retracement strategy, with potential upside targets at 1500–1505, possibly extending to around 1515. However, if the index drops back below the immediate support level, selling pressure may resurface. Stay cautious of potential sentiment changes. Immediate support and resistance levels are identified at 1490 and 1500, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1490 with targets at 1500/1508 and stop-loss at 1485
Short positions may be opened below 1490 with targets at 1483/1478 and stop-loss at 1495
FCPO
FCPO Jul month dropped 36 points or 0.9% to closed lower at 3975. Malaysian crude palm oil futures gave up earlier gains on Friday, tracking declines in rival oils on the Dalian exchange, and recorded a third consecutive weekly loss — marking their steepest drop in 28 weeks.
CBOT soybean oil was closed last Friday in observance of Good Friday. The market will resume and respond today. Dalian’s active palm oil contract dropped 10 points to close lower at 8154 in yesterday’s night session.
The actively traded FCPO contract faced further selling pressure during last Friday’s session, with prices breaking below the broader consolidation range on the daily chart. This suggests a higher likelihood of continued bearish momentum. On the lower time frame, the price had previously consolidated within a narrow sideways range, with resistance at 4080–4075 and support at 4005–4000. This former support zone has now turned into a crucial resistance area. Any rebound toward this zone could trigger renewed selling pressure. However, if the 4000–4005 level is broken convincingly to the upside, we may see a recovery toward the 4020–4025 range, with the potential for prices to retest the top of the smaller sideways channel. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 3972 and 4000, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 3975 with targets at 4000/4024 stop-loss at 3955
Short positions may be opened below 3975 with targets at 3948/3923 stop-loss at 3995
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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