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FKLI
FKLI Sep month dropped 1 point or 0.06% closed almost flat at 1593. The FBM KLCI closed slightly lower on Thursday as investors stayed cautious in search of fresh catalysts, while regional bourses ended mixed.
The Dow Jones index dropped 173 points to close lower at 45947 on previous session. U.S. stocks ended moderately lower on Thursday, with most S&P 500 sectors down as economic data increased uncertainty over the outlook for interest rate cuts from the Federal Reserve.
The actively traded FKLI contract closed lower for the second consecutive session, with resistance seen near the 1,613–1,615 range. This area is forming a potential triple top, signaling hesitation to push higher for now. On the hourly chart, the index continues to move within a downward channel and is currently trading below the resistance line at 1,596–1,598, which could serve as a potential selling area. Our short-term view favors a sell-on-rebound approach, with downside targets at 1,594 and potentially 1,589. However, a break above the resistance line may shift momentum back toward an upward bias. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1594 and 1598, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1598 with targets at 1603/1608 and stop-loss at 1593
Short positions may be opened below 1598 with targets at 1594/1589 and stop-loss at 1603
FCPO
CBOT soyoil active traded contract rose 0.43 point to closed higher at 50.27 on previous session. Dalian’s active palm oil contract rose 44 points to closed higher at 9258 on previous night session.
The actively traded FCPO contract recently touched a low of 4,269 and has recovered for a second consecutive day on the daily chart. The latest key support is seen at 4,444–4,450, which could help limit further downside as long as prices hold above the 4,420–4,425 range. We anticipate continued buying interest, with a “buy-on-retracement” approach remaining the preferred strategy. A breakout above 4,465–4,475 could open the door for further upside toward the 4,493 level. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4444 and 4468, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4444 with targets at 4468/4493 stop-loss at 4419
Short positions may be opened below 4444 with targets at 4418/4395 stop-loss at 4469
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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