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FKLI
FKLI Oct month rose 19.5 points or 1.22% closed at 1623. The FBM KLCI rose on Tuesday after the long weekend, supported by renewed buying interest in blue-chip counters and upbeat regional market sentiment.
The Dow Jones index rose 218 points to close at 46924 on previous session. U.S. stocks closed mixed with the Dow out front on Tuesday, as a string of solid earnings lured investors to industrials and capital goods. The S&P 500 was essentially unchanged at the closing bell, while weakness in growth and microchip stocks pulled the tech-laden Nasdaq to a nominally lower close.
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, we remain to see the 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 1618 and 1623, 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 1613/1606 and stop-loss at 1623
FCPO
FCPO Jan month dropped 8 points or 0.18% to closed at 4505. Malaysian palm oil futures reversed previous gains and fell on Tuesday after the market followed softening of rival vegetable oils prices at the Dalian market.
CBOT soyoil active traded contract dropped 0.66 point to closed 50.65 on previous session. Dalian’s active palm oil contract dropped 52 points to close at 9270 on previous night session.
The actively traded FCPO contract on the daily chart continues to hover within a broad sideways range, with the midpoint adjusted to the 4455–4460 zone, supporting prices to remain on the upper side of the range. On the hourly chart, the previous session saw prices reach a high of 4572 before facing strong selling pressure, forming a double-top pattern that signals a potential further downside bias. The new immediate resistance is seen at 4505–4500, a potential selling area for further weakness, while crucial support remains at 4455–4460. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 4478 and 4502, respectively.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4502 with targets at 4525/4551 stop-loss at 4482
Short positions may be opened below 4502 with targets at 4478/4453 stop-loss at 4522
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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