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FKLI Aug month dive 34.5 points or 2.14% to closed lower at 1574.5. The strong selling momentum on the FBM KLCI yesterday put investors on a cautious footing, which could prevent a quick rebound on the market.
The Dow Jones index rose 135 points to close higher at 45418 on previous session. U.S. Treasury yields and the dollar eased on Tuesday after President Donald Trump’s dismissal of a central bank governor sparked concerns over the Fed’s independence, while Wall Street stocks closed higher ahead of Nvidia’s earnings on Wednesday.
The actively traded FKLI contract remains upward-biased on the daily chart; however, the market is shifting toward a downside bias amid a technical correction. Immediate support is spotted at 1570–1568. Selling momentum has been strong since yesterday’s morning session, keeping the market in a bearish tone. A rebound toward the resistance zone at 1585–1587 may present selling opportunities, though a decisive break above this resistance could shift the outlook back to bullish, however with limited upside. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1575 and 1581, respectively.
(News Source: The Star; Reuters)
Long positions may be opened above 1581 with targets at 1587/1593 and stop-loss at 1575
Short positions may be opened below 1581 with targets at 1575/1568 and stop-loss at 1587
FCPO Nov month dropped 22 points or 0.49% to closed lower at 4470. Malaysian palm oil futures fell for a second straight session on Tuesday, weighed down by profit-taking in Dalian palm olein.
CBOT soyoil active traded contract dipped 1.39 points to closed lower at 53.48 on previous session. Dalian’s active palm oil contract dropped 56 points to close lower at 9488 on previous night session.
The actively traded FCPO contract remains within an upward channel on the daily chart, though price action is leaning toward a downside bias amid a corrective move. The previous support at 4475–4485 has been broken and now acts as a resistance zone. On the hourly chart, we maintain the view that the contract is consolidating within a sideways range between 4550 (top) and 4445 (bottom), with a sell-on-rebound strategy favored. A break below the 4445 supports could potentially drive prices lower toward 4422 and, in a more extended move, down to the 4400 level. If the support at 4445 holds, prices are likely to stay range-bound, with the upside capped around 4475–4485. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4481 and 4468, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4447 with targets at 4468/4491 stop-loss at 4427
Short positions may be opened below 4447 with targets at 4422/4396 stop-loss at 4467
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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