FKLI
FKLI Spot Month Futures - 22 Aug 2024
Thu, 22-Aug-2024 08:17 am
by Dealing Team • Apex Futures

FKLI
Pivot
1640
Resistance
1649 / 1655 / 1660
Support
1637 / 1632 / 1627
Possible Range
1630 to 1655
Strategy
Long positions may be opened above 1642 with targets at 1649/1655 and stop-loss at 1637
Short positions may be opened below 1642 with targets at 1637/1632 and stop-loss at 1647

FKLI Aug month dropped 14 points or 0.85% to close lower at 1637.5. The FBM KLCI faced selling pressure on previous session following a seven-day winning streak, as an opportunity for further profit-taking emerged in the domestic market. This shift came as Wall Street retreated overnight in anticipation of the Jackson Hole Symposium on Friday.

Overnight Dow Jones added 55 points to 40890. U.S. stocks rose on Wednesday during range-bound trading as investors evaluated a significant downward revision in payroll figures and reviewed the minutes from the Federal Reserve's latest meeting, which reinforced expectations of a rate cut in September.

Tracking the mixed performance of US performance, the FKLI likely supported and could trade within a consolidation range with slightly upside bias. The immediate support and resistance levels are identified at 1637 and 1649, respectively.

(News Source: The Star; Reuters)

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Market Mover
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