LOCAL MARKET
FKLI Apr month dropped 4.5 points or 0.30% to closed lower at 1485.5. The FBM KLCI ended lower on Monday, tracking regional declines, as investor sentiment was weighed down by U.S. President Donald Trump's criticism of Federal Reserve Chair Jerome Powell.
Overnight Dow Jones jump 1016 to closed higher at 39186. U.S. stocks bounced back on Tuesday, recovering from the prior session’s losses as investors shifted their attention to corporate earnings. The dollar strengthened after U.S. Treasury Secretary Scott Bessent reportedly expressed optimism about a potential easing in U.S.-China trade tensions during a closed-door meeting.
The actively traded FKLI contract remains within a downward channel on the daily chart, though the index is currently showing some upward momentum, with support holding above the 1486–1489 zone. On the hourly chart, an upward channel has formed, with the price hovering around the mid-range. Resistance is seen at 1498–1500; a breakout above this level may lead to further upside toward 1515–1518. However, if it fails to break, the index may retreat and continue to consolidate sideways. Stay cautious of potential sentiment changes. Immediate support and resistance levels are identified at 1488 and 1500, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1494 with targets at 1500/1510 and stop-loss at 1488
Short positions may be opened below 1494 with targets at 1488/1478 and stop-loss at 1500
FCPO
FCPO Jul month rose 56 points or 1.43% to closed higher at 3966. Malaysian crude palm oil futures rebounded on Tuesday after six straight sessions of losses, driven by bargain hunting. However, gains were capped by a stronger ringgit and ongoing economic uncertainty.
CBOT soybean oil Jul month declined 0.28 to closed lower at 48.03. Dalian’s active palm oil contract rose 46 points to close higher at 8102 in yesterday’s night session.
The actively traded FCPO contract remains in a downward momentum on the broader daily chart. On the hourly chart, prices are moving within a minor descending channel. After a technical rebound in the previous session, the price tested the resistance zone at 3970–3965 before pulling back, indicating a continuation of the downtrend. Immediate support is seen at 3935–3930. A break below this level could lead to further downside toward 3880–3875. However, if the support holds, buying momentum may resume. A break above the immediate resistance at 3965–3960 could lift prices toward the next resistance zone at 3985–3980. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 3932 and 3960, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 3932 with targets at 3960/3986 stop-loss at 3912
Short positions may be opened below 3932 with targets at 3906/3880 stop-loss at 3952
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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