LOCAL MARKET
FKLI Jul month dropped 17 points or 1.10% to closed lower at 1532.5. The FBM KLCI fell sharply on Monday as weak market sentiment and caution ahead of key macroeconomic events drove a broad-based selloff, with losers outpacing gainers by nearly three-to-one.
The Dow Jones index dropped 422 points to closed lower at 44406 on previous session. Major stock indexes fell and the U.S. dollar strengthened on Monday after President Donald Trump announced significantly higher tariffs on imports from Japan, South Korea, and other countries, marking the latest escalation in the ongoing U.S. trade war.
The actively traded FKLI contract remains within a broader downward channel on the daily chart, with a crucial resistance zone seen at the 1,560–1,565 range. On the hourly chart, upward momentum has been building since June 23. However, we maintain our view that selling pressure may persist, following negative sentiment from the overnight U.S. market. Key support is located at 1,524, with the potential to test a lower level at 1,520. If the lowest support zone of 1,520 to 1,519 holds, it could provide a base for a technical rebound. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1524 and 1532, respectively.
(News Source: The Star; Reuters)
Long positions may be opened above 1529 with targets at 1532/1537 and stop-loss at 1524
Short positions may be opened below 1529 with targets at 1524/1519 and stop-loss at 1534
FCPO Sep month rose 9 points or 0.22% to closed moderately higher at 4071. Malaysian palm oil futures closed higher on Monday, recovering from earlier losses driven by weaker rival edible oils, as support from stronger crude oil prices lifted the market.
CBOT soyoil active traded contract dropped 0.81 points to closed lower 53.86 on previous session. Dalian’s active palm oil contract rose 36 points to close higher at 8482 on previous night session.
The actively traded FCPO contract continues to move within a sideways consolidation on the daily chart, hovering near the upper boundary, with key support located at the 3,960–3,965 zone. On the hourly chart, the price is trending lower within a minor descending channel, forming lower highs and lower lows. We anticipate further downside movement toward the 4,035–4,040 range, with a potential low at 4,020–4,015. However, if the price retests the 4,080–4,085 resistance area, sellers should proceed with caution as a change in direction may occur. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4061 and 4085, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4061 with targets at 4085/4108 stop-loss at 4041
Short positions may be opened below 4061 with targets at 4037/4015 stop-loss at 4081
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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