FKLI
FKLI Spot Month Futures - 8 Aug 2024
Thu, 08-Aug-2024 08:18 am
by Dealing Team • Apex Futures

FKLI
Pivot
1585
Resistance
1590 / 1596 / 1604
Support
1576 / 1570 / 1563
Possible Range
1570 to 1600
Strategy
Long positions may be opened above 1585 with targets at 1590/1596 and stop-loss at 1580
Short positions may be opened below 1585 with targets at 1576/1570 and stop-loss at 1590

FKLI Aug month rose 26.5 points or 1.69% to close higher at 1592. The FBM KLCI ended higher on Wednesday, recording its second consecutive gain as investors reevaluated worries about a severe slowdown in the U.S. economy.

Overnight Dow Jones fall 234 points to 38763. U.S. stocks closed lower on Wednesday, with the Nasdaq dropping 1% due to a decline in technology shares. Additionally, weak demand in a 10-year Treasury auction heightened investor concerns during a turbulent trading session.

Tracking the negative performance of US performance, the FKLI could trade in sideway consolidation with downside bias, however the index seems supported. The immediate support and resistance levels are identified at 1576 and 1590, respectively.

(News Source: The Star; Reuters)

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Market Mover
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