FKLI
FKLI Spot Month Futures - 9 Aug 2024
Fri, 09-Aug-2024 08:25 am
by Dealing Team • Apex Futures

FKLI
Pivot
1592
Resistance
1598 / 1604 / 1610
Support
1583 / 1576 / 1569
Possible Range
1580 to 1610
Strategy
Long positions may be opened above 1592 with targets at 1598/1604 and stop-loss at 1586
Short positions may be opened below 1592 with targets at 1583/1576 and stop-loss at 1597

FKLI Aug month dropped 9.5 points or 0.60% to close lower at 1582.5. The FBM KLCI eased back on Thursday after two days of gains, as investors’ exercised caution due to mixed performance in regional markets.

Overnight Dow Jones rose 683 points to 39446. U.S. stocks surged on Thursday, with the Nasdaq and S&P 500 both climbing over 2% after jobless claims dropped more than anticipated for the week. This eased concerns about a rapid weakening of the labor market.

Tracking the positive performance of US performance, the FKLI could potentially break up from a sideway consolidation and trade higher. The immediate support and resistance levels are identified at 1583 and 1598, respectively.

(News Source: The Star; Reuters)

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