LOCAL MARKET
FKLI Jul month jumped 14.5 points or 0.95% to closed higher at 1534. Late bargain hunting of consumer-related stocks pushed Bursa Malaysia to close at its intraday high on Wednesday, allowing the market to recover losses in the previous two sessions.
The Dow Jones index rose 507 points to closed higher at 45010 on previous session. U.S. stocks gained on Wednesday and Treasury yields rebounded after a three-day decline, following news of a trade agreement between the United States and Japan. Additionally, reports of a potential deal with the European Union offered encouraging signs of progress in President Donald Trump's broad tariff negotiations.
The actively traded FKLI contract remains within a broader downward channel. On the hourly chart, the index recently broke strongly above the 1527–1530 range, which now serves as a crucial support zone. On the upside, resistance is seen at the 1536–1538 level. A breakout above this resistance could lead to further upward movement, while failure to do so may result in the index consolidating within a sideways range. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1530 and 1536, respectively.
(News Source: The Star; Reuters)
Long positions may be opened above 1536 with targets at 1541/1547 and stop-loss at 1531
Short positions may be opened below 1536 with targets at 1530/1525 and stop-loss at 1541
FCPO Oct month rose 51 points or 1.20% to closed higher at 4315. Malaysian palm oil futures closed higher on Wednesday, building on the previous session's gains, driven by short-covering and strength in Dalian palm olein and Chicago soyoil markets.
CBOT soyoil active traded contract rose 0.47 points to closed higher at 55.86 on previous session. Dalian’s active palm oil contract dropped 32 points to close lower at 8952 on previous night session.
The actively traded FCPO contract continues to move within an upward channel on the daily chart. On the hourly chart, upward momentum remains intact, but the price is encountering resistance in the 4325–4330 range. We may see mild profit-taking and a potential correction toward the support zone of 4275–4270. If this support holds, buying interest could re-emerge. However, if the level fails to hold, prices may decline further toward 4248 or lower. Currently, the 4248 range remains a key support area to sustain the upward bias. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4295 and 4319, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4295 with targets at 4319/4345 stop-loss at 4275
Short positions may be opened below 4295 with targets at 4270/4248 stop-loss at 4315
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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