LOCAL MARKET
FKLI Apr month rose 13 points or 0.86% to closed higher at 1525. The FBM KLCI closed higher on Wednesday, supported by bargain-hunting activities despite overall cautious market sentiment.
Overnight Dow Jones index rose 235 points to closed higher at 42225. U.S. stock indexes closed higher on Wednesday after a volatile session, initially declining before rebounding as investors adjusted their positions ahead of President Donald Trump's anticipated tariff announcements.
The actively traded FKLI contract continues to move within an upward channel, with the index holding above the new support range of 1511–1512. A buy-on-retracement approach remains the primary plan if the index stays firm above the 1523–1525 zone. In the previous session, the index formed a sideways consolidation within a narrow range on smaller timeframes, with resistance seen at 1528–1529 and support at 1519–1520. If the index remains above the mid-range level of 1523–1525, the buying plan remains valid, while trading below this zone may shift the focus toward a selling. Stay cautious of potential sentiment changes. Immediate support and resistance levels are identified at 1519 and 1527, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1523 with targets at 1527/1535 and stop-loss at 1518
Short positions may be opened below 1523 with targets at 1519/1513 and stop-loss at 1528
FCPO
FCPO Jun month rose 98 points or 2.22% to closed higher at 4517. Malaysian crude palm oil futures closed higher on Wednesday for the fourth consecutive session, driven by strength in Chicago soyoil and gains in the energy sector.
Overnight soybean oil for the May contract rose 1.06 to closed higher at 48.50. Dalian’s active palm oil contract rose 32 points to close higher at 9296 on previous night session.
The actively traded FCPO contract continues to trade within a sideways range on the daily timeframe, currently hovering above the key support zone of 4430–4435, which lies above the middle of the range, indicating underlying support for upside. On the hourly chart, the price remains within a downward channel and is now approaching the immediate resistance zone of 4535–4540. A higher opening is likely today, tracking positive movement in rival oil markets. The crucial resistance at 4565–4570 may be tested, where selling pressure could emerge. A breakout above this level could drive further upside, while failure to break through may lead to a potential technical correction. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4515 and 4540, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4566 with targets at 4587/4613 stop-loss at 4546
Short positions may be opened below 4566 with targets at 4540/4515 stop-loss at 4586
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