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FKLI Aug month rose 0.5 points or 0.03% to closed slightly higher at 1593.5. Last-minute selling pressure pushed the FBM KLCI lower on Wednesday, snapping a two-day winning streak amid mixed regional markets.
The Dow Jones index rose 16 points to closed slightly higher at 44938 on previous session. The Nasdaq and S&P 500 declined on Wednesday as investors rotated out of tech stocks into lower-valued sectors, while awaiting comments from Federal Reserve officials at the Jackson Hole symposium later this week.
The actively traded FKLI contract was nearly flat in the previous session, remaining below the crucial 1600 resistance. The index made a second attempt to break 1600 but saw some pullback. Overall, the uptrend remains supported, with immediate support spotted at the 1592–1588 range. 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 1596 and 1602, respectively.
(News Source: The Star; Reuters)
Long positions may be opened above 1596 with targets at 1602/1607 and stop-loss at 1591
Short positions may be opened below 1596 with targets at 1591/1586 and stop-loss at 1601
FCPO Nov month dropped 23 points or 0.51% to closed lower at 4498. Malaysian palm oil futures declined for a second consecutive session on Wednesday, pressured by profit-taking and weakness in rival edible oils, though strong export figures for August 1–20 helped curb deeper losses.
CBOT soyoil active traded contract dropped 0.36 points to closed lower at 51.45 on previous session. Dalian’s active palm oil contract rose 42 points to close higher at 9560 on previous night session.
The actively traded FCPO contract lost momentum after hitting a new high of 4614. On the daily chart, prices remain within an upward channel but are now trading below the channel’s resistance line at 4550–4560, signaling the possibility of continued technical correction or sideways consolidation. On the hourly chart, lower highs have formed, suggesting a pause in the upward trend. Immediate resistance is seen at the 4560 level, which may act as a potential selling point on rebounds. However, a decisive break above this resistance could shift direction toward further upside. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4515 and 4537, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4515 with targets at 4537/4560 stop-loss at 4495
Short positions may be opened below 4515 with targets at 4494/4472 stop-loss at 4535
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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