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FKLI Sep month rose 5.5 points or 0.36% closed at 1554. The FBM KLCI recovered from the low, ending the third day weakness amid cautious sentiment.
The Dow Jones index dropped 24 points to close slightly lower at 45271 on previous session. Wall Street stocks recovered some ground on Wednesday after technology conglomerate Alphabet rose on a favorable antitrust ruling, but gains were muted as investors digested softer-than-expected labor market data and a selloff in long-term global government bonds.
The actively traded FKLI Sep contract has eased its selling pressure narrowing the foreseen discounted spread against the cash market of from 27.5 points to 24 points. The index revert upwards around the immediate support level of the continuous daily chart, identified at 1542. The market may find buying interest around this level, but if support fails, the direction could shift toward further selling to 1532 to 1520. On the upside, resistant levels is seen around 1565 – 1570. A breakout above this zone could drive index toward the next target at 1573 – 1578, fuelling the momentum upwards. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1542 and 1565, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1553 with targets at 1565/1570 and stop-loss at 1544
Short positions may be opened below 1550 with targets at 1542/1532 and stop-loss at 1556
FCPO Nov month dropped 35 points or 0.78% to closed at 4441. Malaysian palm oil futures have erased previous day upward momentum as rival oils remained weakened.
CBOT soyoil active traded contract dropped 0.82 points to closed lower at 51.84 on previous session. Dalian’s active palm oil contract dropped 70 to closed lower at 9340 on previous night session.
The actively traded FCPO contract failed to maintain higher from the previous day recovery. Prices seems to be moving into a consolidation phase with immediate support around 4370 – 4400. If selling pressure still persist, a potential break below 4375 may target 4300 for its next support. On the contrary, the upside first resistant remained at 4450 and second target at 4500. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4400 and 4450, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4450 with targets at 4500/4550 stop-loss at 4395
Short positions may be opened below 4450 with targets at 4410/4380 stop-loss at 4480
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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