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FKLI Sep month rose 2 points or 0.13% closed slightly higher at 1556.5 on previous trading session. The FBM KLCI closed little changed ahead of the long weekend, after Bank Negara kept interest rates steady, amid broadly higher regional markets.
The Dow Jones index dropped 220 points to close lower at 45400 on previous session. U.S. stocks briefly touched record highs on Friday before reversing lower, as data showing slower job growth in August reinforced investor bets that the Federal Reserve could cut interest rates later this month, possibly by as much as 50 basis points.
The actively traded FKLI contract moved within a narrow range last week after rolling into the new active month. On the daily chart, the index held support at the 1,545–1,550 zone, maintaining its position within a broader upward channel. On the hourly chart, we observed a technical buying move, with immediate resistance seen at 1,565–1,567. A breakout above this range could extend the rally toward 1,575–1,577, while failure to break may invite renewed selling pressure. Immediate support is located at 1,556–1,554, which is crucial to sustaining the recent buying momentum. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1559 and 1563, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1559 with targets at 1563/1567 and stop-loss at 1554
Short positions may be opened below 1559 with targets at 1556/1552 and stop-loss at 1564
FCPO Nov month rose 6 points or 0.14% to closed moderately higher at 4448. Malaysian palm oil futures traded within a narrow range on Thursday but still recorded a weekly gain, as traders looked ahead to next week’s Malaysian Palm Oil Board supply and demand data for fresh direction.
CBOT soyoil active traded contract dropped 0.70 points to closed lower at 51.23 on previous session. Dalian’s active palm oil contract dropped 16 to closed lower at 9440 on previous night session.
FCPO traded within a narrow range last week. On the daily chart, prices remain in an upward trending pattern, though the latest movement shows a short-term technical correction. The key support for sustaining the uptrend is spotted at 4,360–4,350. On the hourly timeframe, further technical correction appears likely, with a ‘sell on rebound’ strategy favored. For the upside, resistance is seen at 4,450–4,460; a breakout above this zone could shift the bias back to the buy side. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4447 and 4468, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4447 with targets at 4468/4488 stop-loss at 4427
Short positions may be opened below 4447 with targets at 4427/4407 stop-loss at 4467
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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