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FKLI
FKLI Sep month rose 2 points to closed at 1614.5. The FBM KLCI remained uncertain on previous session amid volatile sentiment in regional market.
The Dow Jones index is flat to down 17 points to close at 46253 on previous session. US stocks edged mostly higher on Wednesday as markets remained alert over US-China trade tensions amid hopes for interest rate cuts and strong earnings results from Wall Street banks.
The actively traded FKLI contract sentiment was weak in the previous session. Prices were staggering down throughout the day, capping day’s high at 1624.5. In the daily chart, a shooting star and doji is formed indicating uncertainty in the market. Nevertheless, weakness formed at the top may have higher potential for market to down further. Resistant levels are noticeably at 1620, 1625 and 1630. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1610 and 1620, respectively.
(News Source: The star, Reuters)
Recommend Trading Plan:
Long positions may be opened above 1615 with targets at 1625/1630 and stop-loss at 1608
Short positions may be opened below 1615 with targets at 1610/1600 and stop-loss at 1625
FCPO
FCPO Dec month rose 13 points or 0.29% to closed at 4474. Malaysian palm oil futures was supported in previous session as Cargo surveyors estimated an increase of 12.3% to 16.2% in Malaysian palm oil product exports for the first 15 days of October compared to the same period in September.
CBOT soyoil active traded contract remained unchanged to closed flat at 50.53 on previous session. Dalian’s active palm oil contract down 34 points to closed lower at 9330 on previous night session.
The actively traded FCPO contract has switched its active contract month from Dec to Jan today and has seemed to remain well supported in the previous session around 4480 (Jan contract). In the Jan daily chart, immediate trend is still up, where supports are noticeably around 4480 - 4460, while resistant levels are seen around 4530 – 4550. A break above 4530 may invalidate the selling momentum last week, and potentially retest the 4600. Beware of any potential sentiment changes.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4500 with targets at 4525/4550 stop-loss at 4485
Short positions may be opened below 4500 with targets at 4480/4450 stop-loss at 4526
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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