LOCAL MARKET
FKLI Aug month rose 1.5 points or 0.10% to closed slightly higher at 1530.5. Bursa Malaysia bucked the broadly higher regional trend as investors took profit off the table, sending the FBM KLCI lower on selling in banking stocks.
The Dow Jones index jumped 585 points to closed higher at 44173 on previous session. All three major U.S. stock indexes scored their biggest daily percentage increases since May 27 on Monday as investors sought bargains after the previous session's selloff and ramped up bets for a September interest rate cut after Friday's weaker-than-expected jobs data.
The actively traded FKLI contract remains within a broader downward channel, with major resistance at 1555–1560. On the shorter time frame, recent movements have narrowed, showing a slight upside bias. We see potential for a buy-on-retracement strategy to continue, with immediate resistance at 1536–1538. A breakout above this zone could lift the index toward 1541, and possibly as high as 1546. However, if the resistance fails to break, the index may trade lower, though with limited downside, with immediate support at 1525–1526. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1531 and 1536, respectively.
(News Source: The Star; Reuters)
Long positions may be opened above 1531 with targets at 1536/1541 and stop-loss at 1526
Short positions may be opened below 1531 with targets at 1526/1521 and stop-loss at 1536
FCPO Oct month dropped 58 points or 1.37% to closed lower at 4187. Malaysian palm oil futures ended lower on Monday, pressured by concerns over increasing stock and output levels, alongside weakness in Dalian edible oils.
CBOT soyoil active traded contract rose 0.12 points to closed moderately higher at 54.02 on previous session. Dalian’s active palm oil contract rose 76 points to close higher at 8890 on previous night session.
The actively traded FCPO contract opened with a gap down in the previous session, breaking below the upward channel support at 4230–4235, signaling a potential shift toward further downside bias. On the hourly chart, the price touched the immediate support at 4159 before rebounding back above 4200. The 4195–4200 zone now serves as the immediate support; a break below this level could drive prices down again toward 4152 or even lower. On the upside, resistance is seen at 4220–4225, which may act as a potential selling zone. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4198 and 4220, respectively.
(News Source: Reuters)
Long positions may be opened above 4220 with targets at 4247/4270 stop-loss at 4200
Short positions may be opened below 4220 with targets at 4198/4175 stop-loss at 4240
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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