FKLI
FKLI Spot Month Futures - 18 July 2024
Thu, 18-Jul-2024 08:29 am
by Dealing Team • Apex Futures

FKLI
Pivot
1636
Resistance
1642 / 1646 / 1648
Support
1635 / 1633 / 1629
Possible Range
1630 to 1645
Strategy
Long positions may be opened above 1637 with targets at 1642/1646 and stop-loss at 1632
Short positions may be opened below 1637 with targets at 1635/1633 and stop-loss at 1642

FKLI July month rose 10.5 points or 0.64% to close higher at 1640. The FBM KLCI reached a new three-year peak on Wednesday, diverging from the downward trend observed in many regional stock markets, driven by a record surge in gold prices.

Overnight Dow Jones rose 243 points to 41,198. The Dow Jones Industrial Average posted gains on Wednesday, contrasting with declines in global equity indexes. Tech stocks were pressured lower by concerns over potential U.S. trade restrictions on chip equipment. Concurrently, Treasury yields and the dollar reached four-month lows following signals from Federal Reserve officials suggesting the central bank was nearing a decision to lower interest rates.

Tracking the mixed performance of US performance, the FKLI could continue to trade within a consolidation range with downside bias, however the upside movement still intact in higher timeframe. The immediate support and resistance levels are identified at 1635 and 1642, respectively.

(News Source: The Star; Reuters)

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Market Mover
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