LOCAL MARKET
FKLI Aug month rose 5 points or 0.32% to closed higher at 1556. Last-minute buying interest pushed the FBM KLCI to close at its intraday high on Friday, after a subdued session earlier in the day.
The Dow Jones index rose 206 points to closed higher at 44175 on previous session. U.S. stocks ended higher and the Nasdaq notched a record closing high for the second straight day on Friday as technology-related shares, including Apple, gained and as investors were optimistic about potential interest rate cuts.
The actively traded FKLI contract is hovering near the resistance area of the wide downward channel at the 1560–1562 range. Sustaining support at this level could maintain buying momentum toward the 1566–1567 range, which represents another crucial resistance zone on the longer-term chart. On the downside, support is seen at the 1555–1557 range. Any pullback to this level, if well-supported, could keep the uptrend intact. However, a failure to hold above this range may trigger further technical selling. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1561 and 1566, respectively.
(News Source: The Star; Reuters)
Long positions may be opened above 1566 with targets at 1570/1575 and stop-loss at 1561
Short positions may be opened below 1566 with targets at 1561/1556 and stop-loss at 1571
FCPO Oct month rose 15 points or 0.35% to closed higher at 4240. Malaysian palm oil futures climbed on Friday, ending a two-week decline, driven by expectations of stronger demand from major markets in August.
CBOT soyoil active traded contract dropped 0.89 points to closed lower at 52.53 on previous session. Dalian’s active palm oil contract dropped 32 points to close lower at 8980 on previous night session.
The actively traded FCPO contract continues to face resistance below 4,300. On the daily chart, the pattern remains in a narrow range following the strong buying momentum on 5 August. We identify a new crucial support zone at 4,210–4,215, which could sustain the upside bias. Holding above this range may present buying opportunities, with resistance still observed at 4,300–4,305. However, a break below 4,210–4,215 could push prices lower towards the 4,200 or 4,183 levels. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4253 and 4279, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4253 with targets at 4279/4303 stop-loss at 4233
Short positions may be opened below 4253 with targets at 4225/4205 stop-loss at 4273
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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