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FKLI Sep month rose 2 points or 0.13% closed higher at 1600. The FBM KLCI eased for a second consecutive day on Friday, ending little changed amid mixed regional performances.
The Dow Jones index rose 172 points to close higher at 46315 on previous session. Global stocks rose in choppy trading on Friday, on track for a weekly gain, driven by positive sentiment on Wall Street following key central bank decisions.
The actively traded FKLI contract remains within an upward channel on the daily chart but is facing resistance just below the 1620 level, where a double-top pattern has formed, signaling hesitation to move higher. Technical correction may continue, and failure to hold above the 1600–1598 support range could drive the index lower toward 1594, or even 1588 at the lowest. Conversely, if the index holds above 1600, upward momentum is likely to resume. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1600 and 1607, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1600 with targets at 1607/1612 and stop-loss at 1595
Short positions may be opened below 1600 with targets at 1594/1588 and stop-loss at 1605
FCPO Dec month dropped 10 points or 0.23% to closed lower at 4425. Malaysian palm oil futures reversed earlier gains and fell on Friday, as the contract tracked losses in rival soyoil at the Chicago exchange and booked a second weekly decline.
CBOT soyoil active traded contract dropped 0.51 point to closed lower at 50.62 on previous session. Dalian’s active palm oil contract dropped 34 points to closed higher at 9306 on previous night session.
The active traded FCPO contract in daily chart continues to trade within a sideways range, with prices currently hovering below the mid-range level of 4445–4450, suggesting a downside bias. The lower boundary of the range is seen at 4375–4380, and a break below this level could push prices further down toward 4369. The sell-on-rebound strategy remains intact unless prices manage to rise and sustain above the 4445–4450 range, which could signal a shift in momentum. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4416 and 4439, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4416 with targets at 4439/4464 stop-loss at 4396
Short positions may be opened below 4416 with targets at 4391/4369 stop-loss at 4505
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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