LOCAL MARKET
FKLI Aug month rose 3.5 points or 0.23% to closed higher at 1543. The FBM KLCI closed higher for the second straight session on Wednesday, in line with regional gains, amid cautious sentiment and continued foreign selling.
The Dow Jones index dropped 81 points to closed moderately higher at 44193 on previous session. Wall Street indexes advanced on Wednesday, lifted by largely upbeat corporate earnings, while U.S. yields also climbed. In contrast, European shares ended flat, snapping a two-day winning streak.
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 in a narrow range, showing a slight upside bias. We see potential for a buy-on-retracement strategy, with immediate support at 1536–1538 to sustain the upside movement. On the resistance side, levels are spotted at 1547–1549. A breakout above this zone could lift the index toward 1555–1557, or potentially higher. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1541 and 1549, respectively.
(News Source: The Star; Reuters)
Long positions may be opened above 1545 with targets at 1549/1554 and stop-loss at 1540
Short positions may be opened below 1545 with targets at 1541/1536 and stop-loss at 1550
FCPO Oct month dropped 23 points or 0.54% to closed lower at 4267. Malaysian palm oil futures declined on Wednesday, weighed down by sluggish demand from key markets, though gains in Dalian soyoil helped limit the losses.
CBOT soyoil active traded contract rose 0.20 points to closed higher at 53.62 on previous session. Dalian’s active palm oil contract rose 26 points to close higher at 9006 on previous night session.
In the previous session, the actively traded FCPO contract closed with little change. We maintain our view that the recent strong buying momentum remains intact, with prices overall supported above the 4230–4235 range, favoring an upside bias. Hence, a buy-on-retracement strategy is recommended. On the shorter time frame, a technical correction may persist but with limited downside, as crucial support remains at 4230–4235. On the upside, resistance is seen at 4265–4270. A breakout above this range could push prices higher toward 4292 or even 4315. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4244 and 4267, respectively.
(News Source: Reuters)
Long positions may be opened above 4267 with targets at 4292/4315 stop-loss at 4247
Short positions may be opened below 4267 with targets at 4244/4221 stop-loss at 4297
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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