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FKLI Aug month rose 10 points or 0.63% to closed higher at 1593. The FBM KLCI extended its uptrend, rising for a second session and bucking the weaker trend across most regional markets.
The Dow Jones index rose 10 points to closed slightly higher at 44922 on previous session. The Nasdaq and S&P 500 fell on Tuesday, pressured by declines in tech stocks, as investors awaited Federal Reserve Chair Jerome Powell’s remarks later this week on the outlook for interest rates.
The actively traded FKLI contract rose in the previous session but remained below the crucial resistance range at 1600. Overall the index is still supportive on its uptrend with immediate support at 1592 -1588. Beware of any potential sentiment changes as the downside below 1588, will trigger price level back to 1570 for support. Immediate support and resistance levels are identified at 1588 and 1600, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1588 with targets at 1595/1597 and stop-loss at 1583
Short positions may be opened below 1588 with targets at 1583/1578 and stop-loss at 1593
FCPO Nov month dropped 38 points or 0.83% to closed lower at 4521. Malaysian palm oil futures closed lower on Tuesday, retreating from a five-month high earlier in the session, as traders took profits amid weakness in rival edible oils and crude oil.
CBOT soyoil active traded contract dropped 1.51 points to closed lower at 51.81 on previous session. Dalian’s active palm oil contract dropped 174 points to close lower at 9486 on previous night session.
The actively traded FCPO contract loses its momentum after breaking new high of 4614. On the daily chart, a bearish shooting star has formed at its resistant zone of the trend. This is may indicate a toppish signal. However, as the uptrend is still intact, support levels are near to be seen around 4500 – 4480. Hovering around this level will allow market to be consolidated, ranging from 4480 – 4570. In case of breaking below 4480, we may expect a stronger correction to take place targeting 4420 for support. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4500 and 4550, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4540 with targets at 4573/4597 stop-loss at 4498
Short positions may be opened below 4540 with targets at 4510/4480 stop-loss at 4572
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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