LOCAL MARKET
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FKLI
FKLI Sep month was down 2 points to closed at 1611. The FBM KLCI was supportive in previous session as traders were optimistic with the ASEAN Summit meeting held during the weekend.
The Dow Jones index jumped 472 points to close at 47207 on previous session. The U.S. stock rally confronts a potentially consequential week to keep its momentum heading into year-end, including a flood of corporate results headlined by megacap companies and a likely interest rate cut by the Federal Reserve after its two-day policy meeting.
The actively traded FKLI contract remained elevated despite resisting at 1615 throughout the day. The index still holds above 1600 after multiple attempts to break down indicates its firm strength as a crucial support. On the daily chart, a bullish hammer candle is formed and may expect a strong push to the upside soon targeting 1620-1630. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1605 and 1620, respectively.
(News Source: The Star; Reuters)
Recommend Trading Plan:
Long positions may be opened above 1610 with targets at 1620/1625 and stop-loss at 1604
Short positions may be opened below 1600 with targets at 1595/1590 and stop-loss at 1606
FCPO
FCPO Dec month down 51 points or 1.14% to closed at 4420. Malaysian palm oil futures unable to sustain price as sentiment from the MPOA production for the first 20 days of October increased by 10.77% keep prices near day low.
CBOT soyoil active traded contract down 0.60 point to close at 50.27 on previous session. Dalian’s active palm oil contract down 28 points to closed lower at 9102 on previous night session.
The actively traded FCPO contract was supportive to turn weak towards last hour in the previous session. Attempt on buying was seen around 4430, while long liquidation sets in before closing for the weekend. Nevertheless, a potential reverse to the upside may show as 4400 could be a crucial support for the market to move back up in the later stage given that the longer-term trend is still up as seen in the daily chart. A break above 4450 may indicate market’s strength targeting 4500-4550 level. Immediate support and resistant levels are identified at 4400 and 4450 respectively. Beware of any potential sentiment changes.
(News Source: Reuters)
Recommend Trading Plan:
Long positions may be opened above 4400 with targets at 4450/4480 stop-loss at 4385
Short positions may be opened below 4450 with targets at 4420/4400 stop-loss at 4580
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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