LOCAL MARKET
FKLI Jul month rose 3 points or 0.20% to closed higher at 1537. Bursa Malaysia finished at its intra-day high for the second straight session on Thursday, driven by global optimism and the latest round of government fiscal aid that led investors to be back in the local market.
The Dow Jones index dropped 316 points to closed lower at 44693 on previous session. The S&P 500 and Nasdaq advanced on Thursday, with both indices notching fresh all-time closing highs, as investors weighed a mixed set of corporate earnings and signs of progress in U.S. tariff negotiations with key trading partners. In contrast, the Dow Jones Industrial Average ended in the red. Gold prices eased, while benchmark Treasury yields extended Wednesday’s gains. Crude oil prices also moved higher, supported by economic optimism and tightening supply concerns.
The actively traded FKLI contract continues to trend within a broader downward channel. On the hourly chart, the index recently broke decisively above the 1527–1530 range, which now acts as a key support zone. On the upside, resistance remains at the 1536–1538 level. A breakout from either the support or resistance zone could determine the next directional move. For now, the index is trading within a tight range, with sentiment leaning slightly bearish. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1529 and 1534, respectively.
(News Source: The Star; Reuters)
Long positions may be opened above 1534 with targets at 1538/1542 and stop-loss at 1529
Short positions may be opened below 1534 with targets at 1529/1524 and stop-loss at 1539
FCPO Oct month rose 15 points or 0.35% to closed moderately higher at 4330. Malaysian palm oil futures closed higher on Thursday for the third straight session, supported by strength in rival edible oils. However, gains were limited by rising production estimates and a firmer ringgit.
CBOT soyoil active traded contract rose 0.48 points to closed higher at 56.34 on previous session. Dalian’s active palm oil contract dropped 6 points to close slightly lower at 9016 on previous night session.
The actively traded FCPO contract continues to trend within an upward channel on the daily chart. On the hourly chart, the price remains within this channel and recently touched a high of 4374 before pulling back. The overall trend remains positive; however, a technical correction appears likely. Immediate support is seen at the 4285–4280 range—if this level holds, fresh buying interest may emerge. Should it fail, the price could correct further toward the 4265–4260 zone. On the upside, resistance is observed at 4350–4355. A break above this level could open the path for further gains toward the 4400 mark. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4310 and 4332, respectively.
(News Source: Reuters)