LOCAL MARKET
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FKLI
FKLI Sep month rose 15 points or 0.94% closed at 1608. The FBM KLCI closed near the high on last Friday as investors remained positive on regional outlook.
The Dow Jones index rose 299 points to close higher at 46247 on previous session. U.S. stocks ended higher on Friday after mostly in-line U.S. inflation data, but the three major indexes posted losses for the week. The S&P 500 and Nasdaq snapped three-week streaks of weekly gains.
The actively traded FKLI contract has once again traded above the 1600 level. Strong buying momentum was seen and closed nearly at the high. On the daily chart, the bullish engulfing candlestick formed signalling intention to retest the recent high of 1613.5 and potentially break up targeting 1620 – 1625. However, as the high is yet to break, a downside potential to reverse from the high is still probable to sell back to 1590 level. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1594 and 1613, 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 1598
Short positions may be opened below 1600 with targets at 1594/1590 and stop-loss at 1603
FCPO
FCPO Dec month down 44 points or 0.99% to closed at 4396. Malaysian palm oil futures slide as India’s import shift to soy oil over its discounted price against CPO.
CBOT soyoil active traded contract dropped 0.08 point to closed lower at 50.19 on previous session. Dalian’s active palm oil contract rose 12 points to closed higher at 9278 on previous night session.
The actively traded FCPO contract corrected slightly on last Friday session upon reaching its strong resistant point at 4460. Nevertheless, on the daily chart, the market’s sentiment has shifted towards an upward bias despite currently trading in a consolidation phase. Supports are noticeably around 4375 – 4340, while resistant levels are seen around 4460 – 4500. A break above 4500 may trigger momentum targeting 4600, validating its negation against the false breakdown at 4375 earlier last week. Beware of any potential sentiment changes.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4400 with targets at 4500/4550 stop-loss at 4415
Short positions may be opened below 4375 with targets at 4340/4300 stop-loss at 4410
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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