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FKLI Sep month rose 1.5 points or 0.10% closed slightly higher at 1569.5 on previous trading session. The FBM KLCI staged a late turnaround to close slightly higher, lifted by last-minute buying in CelcomDigi, which offset earlier losses from ex-dividend adjustments in Maxis and MISC and profit-taking in Tenaga Nasional and CIMB.
The Dow Jones index rose 196 points to close higher at 45711 on previous session. Wall Street’s three major indexes closed at record highs on Tuesday, boosted by a rally in UnitedHealth, while a downward revision to payrolls reinforced expectations that the Federal Reserve may soon cut interest rates to support economic growth.
The actively traded FKLI contract traded within a narrow range last week after rolling into the new active month. On the daily chart, the index continued to find support above the 1,545–1,550 zone, sustaining its position within a broader upward channel. On the hourly chart, technical buying momentum remains intact, with immediate resistance at 1,575–1,577. A breakout above this range could extend gains toward 1,586-1588, while failure to do so may trigger renewed selling pressure. Immediate support is seen at 1,562*1560, which is crucial for maintaining the short-term upward momentum. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1567 and 1572, respectively.
(News Source: The Star; Reuters)
Long positions may be opened above 1567 with targets at 1572/1577 and stop-loss at 1562
Short positions may be opened below 1567 with targets at 1562/1557 and stop-loss at 1572
FCPO Nov month dropped 9 points or 0.20% to closed slightly lower at 4479. Malaysian palm oil futures closed lower on Tuesday, pressured by a stronger ringgit, as traders awaited inventory and demand cues from Malaysian Palm Oil Board (MPOB) data due the following day.
CBOT soyoil active traded contract dropped 0.99 point to closed lower at 50.48 on previous session. Dalian’s active palm oil contract dropped 92 points to closed lower at 9378 on previous night session.
The actively traded FCPO contract continues to reflect an upward trend on the daily chart, with key support seen at the 4410–4400 range to sustain the uptrend channel. On the hourly chart, price action remains in a consolidation range with a downside bias, suggesting that the technical correction may continue. A sell-on-rebound approach appears more suitable in the short term, with immediate resistance at 4450–4460 as a potential selling zone. On the upside, a crucial resistance stands at 4510; a break above this level could shift momentum back toward buying. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4434 and 4456, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4456 with targets at 4477/4503 stop-loss at 4436
Short positions may be opened below 4456 with targets at 4434/4410 stop-loss at 4476
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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