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FKLI Sep month rose 3 points or 0.19% closed higher at 1577.5 on previous trading session. The FBM KLCI ended a three-day rally, slipping 0.5% to 1,582.85 on Thursday, weighed by ex-dividend adjustments in Maybank and profit-taking activity.
The Dow Jones index jumped 617 points to close higher at 46108 on previous session. Wall Street's main indexes notched record-high closes on Thursday following gains in Tesla and Micron Technology, while U.S. inflation and jobless data fueled expectations that the Federal Reserve will cut interest rates this month.
The actively traded FKLI contract on the daily chart overall supported above the 1,545–1,550 zone, sustaining its position within a broader upward channel. On the hourly chart, we remain our view that technical buying momentum remains intact, with immediate resistance at 1,583 to 1584, A breakout above this range could extend gains toward 1,589-1588 range or further higher at 1592 to 1595, while failure to do so may trigger renewed selling pressure. Immediate support is seen at 1577 to 1576, which is crucial for maintaining the short-term upward momentum. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1577 and 1583, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1583 with targets at 1588/1592 and stop-loss at 1578
Short positions may be opened below 1583 with targets at 1577/1573 and stop-loss at 1588
FCPO Nov month rose 41 points or 0.93% to closed higher at 4454. Malaysian palm oil futures reversed losses on Thursday to rise on supply concern and strength in Chicago soyoil, but weak demand capped gains.
CBOT soyoil active traded contract rose 0.59 point to closed higher at 51.60 on previous session. Dalian’s active palm oil contract rose 74 points to closed higher at 9348 on previous night session.
The actively traded FCPO contract recovered in the previous session, with the daily chart still showing prices moving within a broad uptrend. On the hourly chart, prices continue to display an upward bias following the sharp sell-off on 9 September. We anticipate key resistance at the 4,465–4,470 range. A firm breakout and sustained hold above this level could extend buying momentum toward 4,496, with further upside potential toward 4,510–4,520, the recent highs. However, if the resistance fails to break, selling pressure may re-emerge. On the downside, immediate support is seen at 4,445–4,450, which is crucial to maintaining the current buying momentum. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4448 and 4471, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4471 with targets at 4496/4520 stop-loss at 4451
Short positions may be opened below 4471 with targets at 4448/4425 stop-loss at 4491
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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