FKLI
FKLI Spot Month Futures - 17 Oct 202
Thu, 17-Oct-2024 08:20 am
by Dealing Team • Apex Futures

FKLI
Pivot
1635
Resistance
1638 / 1642 / 1646
Support
1632 / 1629 / 1625
Possible Range
1625 to 1645
Strategy
Long positions may be opened above 1635 with targets at 1638/1642 and stop-loss at 1630
Short positions may be opened below 1635 with targets at 1632/1629 and stop-loss at 1640

FKLI Oct month dropped 9 points 0.55% to close lower at 1632.5. The FBM KLCI closed lower, reflecting the weak performance in the region after negative cues from global equities overnight, with heavy selling in technology stocks, according to an analyst.

Overnight Dow Jones rose 337 points to close higher at 43077. U.S. stocks ended higher on Wednesday, diverging from global markets, while crude oil declined due to expected softening demand. Megacap growth stocks limited the Nasdaq's gains, but economically sensitive sectors drove the S&P 500 and Dow, with the latter hitting its third record closing high in four days.

Tracking the bullish performance in US performance, FKLI index could trade in upside bias, within a sideway consolidation, if breaking above 1637 and 1638 could see further higher, however gain could be limited. Immediate support and resistance levels are identified at 1632 and 1638, respectively.

(News Source: The Star; Reuters)

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Market Mover
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