FKLI to consolidate above 1530 level.

FKLI (Daily Chart)

The index futures has seen making a top at the 1580 level failing to travel ahead of the key resistant at 1580 level. A sharp pullback has been seen amid profit taking towards the end of the week although regional indexes was doing well. Immediate support is seen to be stalling at 1530 while immediate resistant would have been at the 1580 level. The index would be expected to stay above the 1530 level to resume its upside in near future.

Immediate Resistant : 1580

Immediate Support : 1530

FKLI potentially runs through the roof ?

FKLI (Daily Chart)



The index futures has ended the year at 1521.5 recording a rise of 255 points or 20.13% equivalent. In fact, index futures recorded the highest year end close of the year this time around. Amid the upcoming speculation on election at the sideline, prices has been trying to shoot through the roof taking off the resistant over and over again. While prices has been mingling near the resistant, the proceeding month futures has been trading at a 1527 as compared to the underlying FBM30 which is currently trading at 1518.76. The obvious premium over the underlying suggest that the overall market players are relatively optimistic over the market in the early of year 2011. However, taking into account the strong resistant at 1530 region, both bets on the short and long is possible with a decisive stop in place.

Immediate Resistant : 1532

Immediate Support : 1520

FCPO ended year in a strong position

FCPO (Daily Chart)

FCPO 3rd month benchmark contract closed the year at 3788 recording a hike of 1125 points or 42.24% equivalent. Amid the recovery of major economies throughout the world, commodity prices has rise to a new platform forming solid grounds for major commodity prices. The average benchmark futures price for palm oil is at 2714. Palm oil prices was considerably stable in prices throughout the 1st half of the year and started its rally towards the 2nd half of the year. Moving forward, palm oil prices could still rally amid the stabilizing of the Ringgit.

*FCPO is ringgit denominated.

Immediate Resistant : 3900

Immediate Support : 3480