FKLI
FKLI Spot Month Futures - 16 May 2024
Thu, 16-May-2024 06:34 am
by Futures Dealing • Apex Futures

FKLI
Pivot
1608
Resistance
1610 / 1613 / 1618
Support
1605 / 1603 / 1598
Possible Range
1605 to 1618
Strategy
Long positions may be opened above 1608 with targets at 1613/1618 and stop-loss at 1603
Short positions may be opened below 1608 with targets at 1605/1603 and stop-loss at 1613

FKLI May month fell 1.5 points or 0.09% to 1607 closed lower. The FBM KLCI finished at an intraday low on Wednesday, contrasting with the upward surge witnessed in glove counters.

Overnight Dow Jones rose 349 points. Wall Street's three major indexes notched record closes on Wednesday with the benchmark S&P 500 SPX and the Nasdaq IXIC both advancing more than 1%, after a smaller-than-expected rise in consumer inflation bolstered investors' hopes for interest rate cuts by the Federal Reserve.

Following the bullish performance of the US market, the FKLI could trade higher. A break above 1611.5 (Yesterday's high) would target 1613/1618. On the flip side, the next support is located at 1606.5 (Yesterday’s low), followed by 1603 (S2), and finally 1598 (S3).

(News Source: The Star; Reuters)

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Market Mover
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