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FKLI
FKLI Oct month dropped 8.5 points or 0.53% closed at 1603.5. The FBM KLCI rebounded after the holiday weekend on the back of Wall Street's optimism over corporate earnings.
The Dow Jones index rose 515 points to close at 46706 on previous session. U.S. stocks jumped on Monday with finance and technology shares providing much of the upside muscle, as upbeat quarterly earnings results revived risk appetite and investors grew less fearful about regional bank credit quality.
The actively traded FKLI contract on the daily chart continues to move within an uptrend pattern, though current momentum shows a downside bias, suggesting the index is undergoing a technical correction. On the hourly chart, prices are facing resistance near the 1620–1618 range — a breakout above this level could drive the index higher. Otherwise, sentiment is expected to remain sideways to mildly bearish. Immediate support is seen at 1613–1612; a break below this range may lead to further weakness toward 1609–1607. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1613 and 1618, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1618 with targets at 1623/1628 and stop-loss at 1613
Short positions may be opened below 1618 with targets at 1613/1607 and stop-loss at 1623
FCPO
FCPO Jan month dropped 7 points or 0.15% to closed at 4513. Malaysian palm oil futures ended lower on Friday, snapping a two-week rally, as weaker crude oil prices pressured the market.
CBOT soyoil active traded contract rose 0.02 point to closed almost flat at 51.31 on previous session. Dalian’s active palm oil contract dropped 76 points to close at 9294 on previous night session.
The actively traded FCPO contract on the daily chart continues to hover within a broad sideways range, with the midpoint seen around the 4480–4485 zone, supporting prices to remain on the upper side of the range. On the hourly chart, prices are moving within an upward channel, forming a series of higher lows, and are currently supported above the 4500 level. Immediate resistance is spotted at 4520–4525; a breakout above this range could drive prices higher toward 4548 or even 4572. However, failure to break above 4520–4525 may trigger a pullback toward 4500, the key level to maintain the minor upward channel. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 4501 and 4525, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4525 with targets at 4548/4572 stop-loss at 4505
Short positions may be opened below 4525 with targets at 4501/4478 stop-loss at 4545
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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