LOCAL MARKET
FKLI Apr month rose 9 points or 0.60% to closed higher at 1509. The FBM KLCI advanced for the third straight session, lifted by regional market strength and optimism over a possible easing of US-China trade tensions.
Overnight Dow Jones added 20 points to closed moderately higher at 40113. Most stock indexes rose on Friday, with Wall Street supported by gains in technology-related shares, while the dollar posted its first weekly advance in over a month amid hopes of easing U.S.-China trade tensions.
The actively traded FKLI contract continues to move within a broader downward channel on the daily chart but is currently displaying upward momentum, supported by technical buying. On the shorter time frame, the index remains within an upward channel, with new support seen at the 1506–1508 range. We maintain our buy-on-retracement view, provided this support holds, with potential for the index to test the key resistance at 1515–1518. A breakout above this resistance could lead to further upside, while a failure to break through may result in mild selling pressure from profit-taking or technical correction. Stay cautious of potential sentiment changes. Immediate support and resistance levels are identified at 1506 and 1512, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1506 with targets at 1512/1518 and stop-loss at 1500
Short positions may be opened below 1506 with targets at 1500/1494 and stop-loss at 1515
FCPO
FCPO Jul month rose 21 points or 0.52% to closed higher at 4057. Malaysian palm oil futures climbed on Friday, breaking a three-week losing streak, supported by stronger performance in rival edible oils.
CBOT soybean oil Jul month declined 0.26 to closed lower at 49.81. Dalian’s active palm oil contract dropped 44 points to close lower at 8310 in previous night session.
The actively traded FCPO contract remains in a broader downtrend on the daily chart but is currently showing sustained upward momentum driven by technical buying. On the hourly chart, the price attempted to break above the resistance zone at 4080–4085 but pulled back below this level, which marks the lower boundary of the previous sideways consolidation. For today, the market is expected to trade within a consolidation mode. Crucial support is seen at the 4010–4015 range — if this support holds, it may offer buying opportunities with potential to retest the 4075–4080 zone. However, if the support fails, further downside movement could unfold. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4055 and 4080, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4055 with targets at 4080/4103 stop-loss at 4035
Short positions may be opened below 4055 with targets at 4031/4009 stop-loss at 4075
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.
0 comments:
Post a Comment