FKLI
FKLI Spot Month Futures - 12 Dec 2024
Thu, 12-Dec-2024 08:15 am
by Dealing Team • Apex Futures

FKLI
Pivot
1602
Resistance
1605 / 1609 / 1612
Support
1600 / 1597 / 1593
Possible Range
1600 to 1620
Strategy
Long positions may be opened above 1605 with targets at 1609/1612 and stop-loss at 1600
Short positions may be opened below 1605 with targets at 1600/1597 and stop-loss at 1610

FKLI Dec month dropped 9.5 points or 0.59% to closed lower at 1599.5. The FBM KLCI index extended its decline to end lower on Wednesday, weighed by industrial products and services as well as healthcare sectors, ahead of the release of the US Consumer Price Index (CPI) data tonight. 

Overnight Dow Jones dropped 99 points to closed lower at 44148. Wall Street's benchmark S&P 500 index rose on Wednesday and a rally in tech stocks lifted the Nasdaq above the 20,000-point milestone for the first time, after a U.S. inflation report boosted expectations of a Federal Reserve interest rate cut. While the Dow dipped, dragged by health insurers as U.S. lawmakers introduced a bill seen as crimping their profits.

The FKLI remain trading below the resistant line of downward channel in daily chart, any rebound could provide chance for selling, we see the resistant at 1605 to 1606, breaking above could see further higher and potentially to reach 1608 again, however if fail to break could see selling pressure coming in. Immediate support and resistance levels are identified at 1600 and 1605, respectively.

(News Source: The Star; Reuters)

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