FKLI
FKLI Spot Month Futures - 22 Oct 202
Tue, 22-Oct-2024 08:26 am
by Dealing Team • Apex Futures

FKLI
Pivot
1642
Resistance
1642 / 1646 / 1649
Support
1638 / 1634 / 1630
Possible Range
1635 to 1655
Strategy
Long positions may be opened above 1640 with targets at 1642/1646 and stop-loss at 1635
Short positions may be opened below 1640 with targets at 1638/1634 and stop-loss at 1645

FKLI Oct month dropped 1.5 points 0.09% to close lower at 1643.5. The FBM KLCI traded in a narrow range and closed lower, reflecting a lack of strong buying interest. Investors seemed to be stepping back to assess the details of the 2025 budget amid muted trading conditions.

Overnight Dow Jones dropped 344 points to close higher at 42931. The Dow Jones Industrial Average and S&P 500 both closed lower on Monday, pulling back from Friday's record highs and ending a streak of six consecutive weekly gains. This decline came as Treasury yields increased and investors, cautious about high valuations, awaited earnings reports from major companies.

Tracking the bearish performance in US performance, FKLI index could trade in downside bias, if breaking below 1638 could see further lower. Immediate support and resistance levels are identified at 1638 and 1642, respectively.

(News Source: NST; Reuters)

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