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FKLI Aug month dropped 10 points or 0.63% to closed lower at 1585. Bursa Malaysia pulled back from a seven-day winning streak to close lower today due to profit-taking in line with the downbeat regional market performance.
The Dow Jones index dropped 11 points to closed slightly lower at 44911 on previous session. Wall Street's main indexes were mixed on Thursday with S&P 500 edging up to a closing high, while the Dow Jones and Nasdaq were flat, after a hotter-than-expected producer prices report dampened expectations of potential interest-rate cuts.
The actively traded FKLI contract fell in the previous session after touching a high of 1601, with the index pulling back further at today’s opening. On the daily chart, the index recently broke a crucial resistance level at 1565–1568, which now serves as an important support to sustain the uptrend. The hourly chart suggests there is still room for further technical correction. Failure to break above 1581–1582 could send prices lower, with support spotted at the 1575–1572 range. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1576 and 1582, respectively.
(News Source: NST; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1582 with targets at 1587/1593 and stop-loss at 1577
Short positions may be opened below 1582 with targets at 1576/1571 and stop-loss at 1587
FCPO Oct month dropped 32 points or 0.72% to closed lower at 4403. Malaysian palm oil futures ended lower on Thursday, breaking a four-session winning streak, as investors took profits. Sentiment was also weighed down by reports that a leading Indonesian industry group is lobbying the government to postpone the implementation of the B50 biofuel mandate.
CBOT soyoil active traded contract dropped 1.31 points to closed lower at 52.13 on previous session. Dalian’s active palm oil contract dropped 64 points to close lower at 9386 on previous night session.
The actively traded FCPO contract retraced in the previous session; however, overall movement remains supported as prices stay within an upward channel. On the hourly chart, the bias points to the downside, suggesting the potential for further technical correction. Immediate support is seen at 4365–4370. If prices hold at this range, buying interest may emerge, but a break below could trigger a deeper correction toward 4340–4330. On the upside, immediate resistance is located at 4430–4435, and a break above this level could shift palm oil prices toward further gains. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4389 and 4413, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4413 with targets at 4434/4455 stop-loss at 4393
Short positions may be opened below 4413 with targets at 4389/4466 stop-loss at 4433
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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