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FKLI Aug month rose 5 points or 0.31% to closed higher at 1609. The FBM KLCI crossed the 1,600 mark after three straight gains, while the ringgit strengthened to RM4.2035 amid regional markets hitting record highs.
The Dow Jones index dropped 349 points to close lower at 45282 on previous session. Major U.S. stock indexes slipped on Monday, pulling back from Friday’s gains after Federal Reserve Chair Jerome Powell signaled that a September rate cut is possible but not guaranteed. Meanwhile, the dollar strengthened.
The actively traded FKLI contract remains in an upward-biased pattern on the daily chart, though the previous close formed a bearish doji, with the price capped below the 1616–1617 resistance zone. This signals a potential shift toward a downside bias. On the hourly chart, profit-taking pressure is evident, with prices breaking below the earlier support at 1608–1607. A “sell-on-rebound” strategy carries higher probability under current conditions. We now identify the next support at 1600–1599. A break below this range could drive the index lower toward 1596–1594, while holding above 1600 may attract renewed buying interest. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1607 and 1611, respectively.
(News Source: The Star; Reuters)
Long positions may be opened above 1607 with targets at 1611/1616 and stop-loss at 1601
Short positions may be opened below 1607 with targets at 1602/1596 and stop-loss at 1613
FCPO Nov month dropped 37 points or 0.82% to closed lower at 4492. Malaysian palm oil futures eased on Monday, pressured by worries that recent high prices could curb future demand.
CBOT soyoil active traded contract dropped 0.45 points to closed lower at 54.87 on previous session. Dalian’s active palm oil contract dropped 72 points to close lower at 9542 on previous night session.
The actively traded FCPO contract remains within an upward channel on the daily chart, with a key resistance zone at 4555–4560. This level could either trigger renewed selling pressure or signal a breakout to higher levels. On the hourly chart, prices recently spiked to 4568 before reversing with strong selling momentum.
We maintain a sell-on-rebound approach, as the contract is consolidating within a sideways range between 4550 (top) and 4445 (bottom), with a downside bias. Immediate support lies at 4475–4480; a break below this could push prices lower toward 4458 or even 4440. If support holds, a limited rebound may occur, with upside potential capped around 4512. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4484 and 4512, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4484 with targets at 4512/4537 stop-loss at 4464
Short positions may be opened below 4484 with targets at 4458/4437 stop-loss at 4504
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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