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FKLI
FKLI Sep month rose 2 points or 0.12% closed at 1610. The FBM KLCI closed near flat on previous session amid cautious sentiment in regional market.
The Dow Jones index rose 68 points to close higher at 46316 on previous session. Global stocks rose on Monday while the dollar retreated as investors prepared for a possible shutdown of the U.S. government, which could delay publication of the September payrolls report and a raft of other key data due this week.
The actively traded FKLI contract remained positive despite a pullback after breaking new high to 1617.5. On the daily chart, the bullish engulfing candlestick formed last Friday still signals strong support for market to hold above 1600 and may potentially further break up targeting 1620 – 1625. However, the reversal to close back below 1613.5 in previous session may create a small downside risk 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 1604 with targets at 1614/1617.5 and stop-loss at 1598
Short positions may be opened below 1600 with targets at 1594/1590 and stop-loss at 1604
FCPO
FCPO Dec month down 12 points or 0.27% to closed at 4385. Malaysian palm oil futures remained flat to supportive as production is coming down and expect export to rise in the coming months on festive season demand.
CBOT soyoil active traded contract dropped 0.50 point to closed lower at 49.69 on previous session. Dalian’s active palm oil contract dropped 20 points to closed lower at 9214 on previous night session.
The actively traded FCPO contract was quiet in the previous session. The retracement was still in play, while being supportive around the 4375 level. 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 4460/4500 stop-loss at 4370
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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