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FKLI Sep month lose 8.5 points or 0.53% closed at 1598.5. Technical play has pressure the FBM KLCI down along with cautious trading sentiment.
The Dow Jones index rose 124 points to close higher at 46142 on previous session. World equity markets reached a new peak on Thursday, powered by a continuing bull run on Wall Street, while the U.S. dollar rose against major peers on news that fewer Americans filed new applications for unemployment benefits last week.
The actively traded FKLI contract has traded below the 1600 level again as the market is identifying a double top formation with previous session high at 1613 in comparison with last month’s 1616.5 high. A retracement is expected with immediate support levels in line, namely at 1594 and 1586. Cautious trading is shifting sentiment to slightly negative with resistant level at 1603 and 1610. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1594 and 1603, respectively.
(News Source: The Star, Reuters)
Recommend Trading Plan:
Long positions may be opened above 1603 with targets at 1610/1616.6 and stop-loss at 1593
Short positions may be opened below 1593 with targets at 1586/1583 and stop-loss at 1603
FCPO Dec month down 41 points or 0.91% to closed at 4434. Malaysian palm oil futures continued on its second losing streak amid stronger ringgit and weak rival oils.
CBOT soyoil active traded contract dropped 0.64 point to closed lower at 51.17 on previous session. Dalian’s active palm oil contract rose 38 points to closed higher at 9342 on previous night session.
The actively traded FCPO contract continued to be weakened following previous day selling pressure. Nevertheless, momentums were slightly halted around 4400-4420 during the 3rd session of the day as these levels marked as the market’s immediate support. The market is still in its consolidation phase where a break below 4375 may trigger the bear, targeting at 4320 while trading above RM 4500 may shift sentiment towards slightly bullish, targeting 4600. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4400 and 4460, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4460 with targets at 4500/4550stop-loss at 4415
Short positions may be opened below 4450 with targets at 4420/4400 stop-loss at 4470
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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