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FKLI Sep month dipped 14 points or 0.90% to closed at 1548. The FBM KLCI ended near low, bringing a second day weakness amid cautious sentiment.
The Dow Jones index dropped 92 points to close slightly lower at 45544 on previous session. The S&P 500 slipped from its record highs on Friday, dragged lower by declines in Dell, Nvidia, and other AI-linked stocks, as investors assessed inflation data indicating that tariffs have begun to feed into prices.
The actively traded FKLI Sep contract is seen to be pressured downwards despite the foreseen discounted spread against the cash market of approximately 27 points. Given the FKLI has just rolled over to September, the index closed around the immediate support level of the continuous daily chart, identified at 1547. The market may find buying interest around this level, but if support fails, the direction could shift toward further selling. On the upside, resistant levels is seen around 1565 – 1570. A breakout above this zone could drive index toward the next target at 1573 – 1578, shifting momentum back to an upward bias. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1547 and 1565, respectively.
(News Source: The Star; Reuters)
Long positions may be opened above 1553 with targets at 1565/1570 and stop-loss at 1544
Short positions may be opened below 1544 with targets at 1532/1520 and stop-loss at 1553
FCPO Nov month slipped 72 points or 1.62% to closed near the intraday low at 4377. Malaysian palm oil futures extended losses to notch their lowest level in two weeks, tracking weaker soybean oil prices.
CBOT soyoil active traded contract dropped 0.29 points to closed lower at 52.14 on last Friday. Dalian’s active palm oil contract rose 156 to closed higher at 9482 on previous night session.
The actively traded FCPO contract has garnered selling momentum breaking new session lows to 4377. On the daily chart, prices seem to have broken the 2 weeks consolidation period which adds on fear to the long liquidation alongside weak rival oils market. However, the dip was closed just a little above the immediate support around 4370 – 4350. If the market fails to break below these levels, a reverse to the upside may be strong targeting to the resistant levels around RM 4450 – RM 4500 instead. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4370 and 4450, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4400 with targets at 4450/4500 stop-loss at 4360
Short positions may be opened below 4400 with targets at 4350/4300 stop-loss at 4420
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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