LOCAL MARKET
FKLI Aug month rose 9 points or 0.59% to closed higher at 1539.5. Bursa The FBM KLCI closed higher on Tuesday, tracking regional gains, while the ringgit strengthened against the US dollar.
The Dow Jones index dropped 61 points to closed moderately lower at 44111 on previous session. Wall Street stock indexes fell on Tuesday as investors weighed tariff concerns and weaker than expected U.S. economic data, while equities in Europe and Asia notched gains.
The actively traded FKLI contract remains within a broader downward channel, with major resistance at 1555–1560. On the shorter time frame, the index continues to trade within a narrow range, showing a slight upside bias. We see potential for a buy-on-retracement strategy, with immediate resistance at 1536–1538. A breakout above this zone could push the index toward 1541, and possibly up to 1546. If resistance fails to break, the index may retreat, though with limited downside, with immediate support at 1525–1526. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1532 and 1541, respectively.
(News Source: The Star; Reuters)
Long positions may be opened above 1536 with targets at 1541/1546 and stop-loss at 1531
Short positions may be opened below 1536 with targets at 1532/1527 and stop-loss at 1541
FCPO Oct month jumped 103 points or 2.46% to closed higher at 4290. 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 dropped 0.60 points to closed lower at 53.42 on previous session. Dalian’s active palm oil contract rose 50 points to close higher at 8996 on previous night session.
In the previous session, the actively traded FCPO contract tracked the positive sentiment from rival oil markets, trending higher as the price recovered to stand above the upward channel support at 4230–4235 and moved toward the 4300–4305 range. This shift has turned sentiment to an upward bias. On the hourly chart, the market remains in a wide sideways consolidation, with the lower boundary at 4155–4160. The crucial support to sustain the uptrend is at 4245–4250. A buy-on-retracement strategy is recommended, with potential upside toward 4273–4298. However, if this crucial support fails to hold, further selling pressure may emerge. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4273 and 4298, respectively.
(News Source: Reuters)
Long positions may be opened above 4273 with targets at 4298/4319 stop-loss at 4253
Short positions may be opened below 4273 with targets at 4247/4222 stop-loss at 4293
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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