FKLI
FKLI Spot Month Futures - 21 Nov 2024
Thu, 21-Nov-2024 08:24 am
by Dealing Team • Apex Futures

FKLI
Pivot
1598
Resistance
1598 / 1602 / 1605
Support
1594 / 1591 / 1587
Possible Range
1590 to 1610
Strategy
Long positions may be opened above 1594 with targets at 1598/1602 and stop-loss at 1589
Short positions may be opened below 1594 with targets at 1591/1587 and stop-loss at 1599

FKLI Nov month dropped 9.5 points or 0.59% to close lower at 1595. The FBM KLCI continued its downward trend on Wednesday, falling below the 1,600 psychological support level due to weakness in the broader market.

Overnight Dow Jones rose 139 points to close higher at 43408. The tech-heavy Nasdaq ended lower on Wednesday, pausing from the previous session's rally as investors expressed concerns over escalating Russia-Ukraine tensions and disappointing results from Target. Meanwhile, they awaited earnings from Nvidia, which were released after the bell. The Dow and S&P 500 saw slight gains late in the session, with the Dow finishing higher and the S&P 500 closing flat.

Tracking mixed performance in overnight US performance, the FKLI could trade within the range and remain within downward channel. We could see some technical buying to coming in but limited upside, breaking above 1598 could see further higher. Beware of any sentiment changes. Immediate support and resistance levels are identified at 1594 and 1598, respectively.

(News Source: The Star; Reuters)

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Market Mover
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