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FKLI
FKLI Sep month rose 3.5 points or 0.22% closed higher at 1606. The FBM KLCI edged higher on Tuesday after another record-charting performance on Wall Street, although the gains could be capped by the absence of fresh catalysts to drive the market higher.
The Dow Jones index dropped 88 points to close lower at 46292 on previous session. U.S. stocks finished lower on Tuesday, breaking a three-session string of record closing highs, as Federal Reserve Chair Jerome Powell said the U.S. central bank needs to balance inflation concerns with a weakening job market in its coming interest rate decisions.
The actively traded FKLI contract continued its upward movement after closing higher in the previous session. However, the index is still facing resistance near the 1,613–1,615 range, forming a potential triple top, which signals hesitation in pushing higher for now. On the hourly chart, the index is consolidating in a sideways range, with key support seen at 1,595–1,597. A rebound from this level could trigger a limited upside move toward 1,600–1,603. Conversely, a break below the support range may lead to further downside correction toward 1,582, or even as low as 1,578. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1597 and 1603, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1597 with targets at 1603/1607 and stop-loss at 1592
Short positions may be opened below 1597 with targets at 1592/1587 and stop-loss at 1602
FCPO
FCPO Dec month dropped 100 points or 2.25% to closed sharply lower at 4343. Malaysian palm oil futures declined more than 2% on Tuesday, hitting their lowest since August 8, after top soyoil exporter Argentina temporarily scrapped its export tax, making soyoil cheaper than palm oil.
CBOT soyoil active traded contract rose 0.19 point to closed higher at 49.88 on previous session. Dalian’s active palm oil contract dropped 8 points to closed lower at 9078 on previous night session.
The actively traded FCPO contract touched a low of 4,269 in the previous session before staging a technical rebound. On the daily chart, prices remain within a downward channel, with key support seen around the 4,300–4,295 range. A break below this level could trigger further downside, though we anticipate temporary support holding in this area.
On the hourly chart, buying momentum is still observed. Immediate resistance is located at 4,385–4,390, which could serve as a potential selling zone in line with the recent bearish momentum. A successful break above this resistance may open the way for further upside toward 4,416. However, if the price fails to clear this level, renewed selling pressure could emerge. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4344 and 4365, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4365 with targets at 4390/4416 stop-loss at 4340
Short positions may be opened below 4365 with targets at 4344/4319 stop-loss at 4390
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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