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FKLI Aug month dropped 8 points or 0.50% to closed lower at 1577The FBM KLCI started the week with a mild bounce after two sessions of profit-taking, with investors anticipating a raft of earnings announcements over the coming two weeks.
The Dow Jones index rose 34 points to closed slightly higher at 44946 on previous session. Global stocks were little changed on Friday but remained near record highs as U.S. President Donald Trump and Russian President Vladimir Putin held high-stakes talks in Alaska over the Ukraine conflict. Meanwhile, U.S. Treasury bond prices fell across the board, with investors positioning for a potential Federal Reserve interest rate cut.
The actively traded FKLI contract declined for a second consecutive session after recently touching a high of 1601, forming a downward channel on the hourly chart. On the daily chart, the index has broken above a crucial resistance level at 1568–1570, which now acts as an important support to sustain the uptrend. The hourly chart, however, indicates further room for technical correction. Failure to break above the new resistance at 1585–1586 could send prices lower, with support seen at the 1575–1576 range. If this level fails to hold, a pullback toward the key support zone at 1568–1570 is likely. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1577 and 1583, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1583 with targets at 1587/1593 and stop-loss at 1577
Short positions may be opened below 1583 with targets at 1577/1572 and stop-loss at 1589
FCPO Nov month rose 75 points or 1.69% to closed higher at 4511. Malaysian palm oil futures ended higher on Friday, securing a second consecutive weekly gain, supported by data indicating stronger exports during the August 1–15 period.
CBOT soyoil active traded contract surged 1.10 points to closed higher at 53.23 on previous session. Dalian’s active palm oil contract jumped 252 points to close higher at 9658 on previous night session.
The actively traded FCPO contract has switched to November 2025 starting today. Overall, prices remain in an upward trend, with immediate resistance seen at the previous highs of 4518–4520. A sustained move above this level could drive prices toward the next resistance at 4545–4550, with a key resistance zone at 4585–4590. On the downside, support is located at 4460, which will be crucial to holding the recent surge. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4489 and 4518, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4518 with targets at 4545/4567 stop-loss at 4498
Short positions may be opened below 4518 with targets at 4489/4466 stop-loss at 4538
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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