LOCAL MARKET
FKLI Jul month rose 12.5 points or 0.82% to closed higher at 1536.5. After three straight days of losses, the FBM KLCI rebounded on Thursday, ending at its intraday high as bargain hunting lifted selected blue chips.
The Dow Jones index rose 192 points to closed higher at 44650 on previous session. The S&P 500 and Nasdaq Composite edged higher to record closing highs on Thursday, lifted by a positive outlook from Delta Air Lines and a fresh all-time high for Nvidia. Investors largely shrugged off President Donald Trump's latest tariff announcements, focusing instead on strong corporate performance.
The actively traded FKLI contract continues to trend within a broader downward channel on the daily chart, with key resistance located at the 1,560–1,565 range. On the hourly chart, upward momentum has been building since June 23. In the previous session, the index fell to a low of 1,520 but later recovered, completing what appears to be a technical correction. The index then found support above the 1,536–1,538 zone, which may serve as a base for further upside. We identify the next resistance at 1,542–1,545. A break above this range could open the path toward the 1,553–1,555 area. However, if this resistance holds, selling pressure may return, though the downside is likely limited given the current upward bias. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1536 and 1542, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1536 with targets at 1542/1548 and stop-loss at 1531
Short positions may be opened below 1536 with targets at 1531/1526 and stop-loss at 1541
FCPO Sep month dropped 11 points or 0.26% to closed slightly lower at 4146. Malaysian palm oil futures declined on Thursday, ending a three-session winning streak, as stockpiles in the world’s second-largest exporter climbed to their highest level in 18 months.
CBOT soyoil active traded contract rose 20 points to closed higher at 53.47 on previous session. Dalian’s active palm oil contract dropped 4 points to close slightly lower at 8624 on previous night session.
The actively traded FCPO contract recently broke above the key resistance zone at 4,145–4,150, exiting its broad sideways range. However, the price has since retreated below this level, which now remains a crucial resistance for any further upside movement. Currently, the market appears to be re-entering a sideways consolidation phase.
On the hourly chart, a double top pattern has formed after two failed attempts to break above the 4,195–4,200 range, indicating a potential continuation of technical correction. Key support is seen at the 4,110–4,105 zone. If this level holds, it could trigger renewed buying interest, with potential upside back toward the 4,155 level. However, a breakdown below this support may lead to continued downside bias in the near term. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4127 and 4155, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4155 with targets at 4178/4199 stop-loss at 4135
Short positions may be opened below 4155 with targets at 4127/4105 stop-loss at 4175
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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