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FKLI
FKLI Sep month was down 7.5 points to closed at 1617.5. The FBM KLCI was weak as reportedly foreign investors remain net sellers of Malaysian equities for the third straight week.
The Dow Jones index rose 161 points to close higher at 47706 on previous session. All three major U.S. stock indexes posted record closing highs again on Tuesday as Nvidia shares gained following news it will build artificial intelligence supercomputers for the U.S. energy department, and as investors were optimistic about corporate earnings ahead of key results from megacaps this week.
The actively traded FKLI contract sold off in the early part of the previous session from 1625-1627 level and remained below 1620 towards closing. This action may shift the sentiment towards a temporary toppish. If the index continues to remain below 1620, a sell back to 1610 is probable. Temporarily the upside target is limited, identified to 1625 for strong resistant. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1615 and 1625, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1620 with targets at 1625/1630 and stop-loss at 1617
Short positions may be opened below 1618 with targets at 1615/1610 and stop-loss at 1622
FCPO
FCPO Dec month down 57 points or 1.3% to closed at 4317. Malaysian palm oil futures were weak as several mining associations are requesting the Indonesian government to cancel the plan to implement B50 in 2026 followed by sell off by Dalian olein market.
CBOT soyoil active traded contract down 0.51 points to close at 50.26 on previous session. Dalian’s active palm oil contract down 186 points to closed lower at 8824 on previous night session.
The actively traded FCPO contract sentiment was negative throughout the day in the previous session. Selling pressure were seen after breaking 4330, forcing long liquidation to close near day low. Next support level is identified at 4280-4270, otherwise chances for a sell off to 4220 is still high. A reversal for this immediate downtrend could be confirmed only when prices able to rebound back above 4330. Immediate support and resistant levels are identified at 4270 and 4300 respectively. Beware of any potential sentiment changes.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4300 with targets at 4330/4350 stop-loss at 4280
Short positions may be opened below 4300 with targets at 4270/4220 stop-loss at 4325
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.