FCPO to hurdle higher

FCPO (15 mins chart)



FCPO has made a fair bit of consolidation for 3 days shedding approximately 280 points or 7.4% equivalent since the top of 3766. The consolidation has been countered with a fast pullback towards the 3630 amid stronger outlook towards CPO pricing. CPO immediate outlook is still strong while 3766 would be a key resistant to be taken over before spearheading to the next level. Cautious long is recomended where stops are to be place near the 3600 level.

Immediate Resistant : 3700

Immediate Support : 3630

FKLI to sideway until witnessing a Breakout

FKLI (15 mins chart)

The index futures recently  broke is downtrend line pushing the way off the critical selling zone. Upon then, the futures has been priced on a premium over the index (underlying). Amidst uncertainty on the economics forecast over the coming year while uncertainty in events over the tensions among countries lately could also create volatility in the market. Index futures hsa been performing considerably good but yet to claim over the previous high. Immediate outlook remain positive over the market.

Immediate Resistant : 1522.5

Immediate Support : 1485

FKLI to consolidate

FKLI (15mins chart)

Index futures has been consolidating along the downtrend line drawn. Immediate outlook on futures is to trade lower throughout the week with a trailing stop along the downtrend line. Regional outlook has been neutral to mere positive while futures pricing tend to observe the downtrend line in the near term. Longer term outlook still remain bullish.

Immediate Resistant : 1515

Immediate Support : 1495

FCPO strong throughout the week

FCPO (weekly Chart)

The benchmark price of crude palm oil(CPO) recorded a 4 days up and 1 day down throughout the week closing the week 3516 points, up 242 points, a 7.4% month on month. CPO prices has been heading higher month over month since the ascending triangle breakout on October. CPO are expected to remain strong and volatile at least in the near term amid agressive speculations. Open interest was higher compared to the week before signalling stronger outlook from the market players.

Resistant : 3550

Support : 3450

KLCI consolidates throughout the week on a healthy mode

FKLI (15 minutes chart)

The FKLI made a breakout of the consolidation on the 15 minutes chart. However, resistance is found at 1510 bringing prices lower and close at 1501 for the week. The short term downtrend line has been violated while it doesnt suggest a strong up trend ahead. However, overall sentiment is relatively upward bias though.

Immediate resistant : 1510

Immediate support : 1492

FKLI (weekly chart)

A longer term outlook on the index futures signal that consolidation still remain as an option amid the previous strong upward momentum. The medium term uptrend line has yet to be violated therefore reserve the option for a downtrend in near term.

FBMKLCI and futures on consolidation

FBMKLCI (daily chart)

FBMKLCI been consolidating after the recent run up weeks ago. There is no clear sign whether the FBMKLCI would do a breakout in the near term just yet. FBMKLCI is expected to mingle within the range of 1478 and 1500. Immediate support stood at 1478 and a psychological resistant stood at 1500.

FBMKLCI (15 minutes chart)

FBMKLCI has been giving way to the downtrend line amid a healthy correction on previous run up. Lower highs are being observed while lower lows are yet to dominate the scene. It is being suspected that a descending triangle could form as time passses and a breakout would be seen in near future.

Immediate support : 1476

FKLI (15 minutes chart)

Index futures(FKLI) has been observing the range and trades within the high 1488.5 and low of 1470.5. A descending triangle is seen to be forming. A breakout upon the descending triangle would trigger new open interest in the market.

Immediate Resistant : 1502, 1508

Immediate Support : 1482, 1467