Thursday. 19th Jan. The FBM KLCI closed slightly lower yesterday amid less fresh news to support further market recovery at the moment. Others news to follow.
"-U.S. stocks rose Wednesday, sending the S&P 500 Index to a close
above 1,300 for the first time since July 28, on improved sentiment in
housing and as Goldman Sachs Group Inc.’s earnings beat expectations.
The Dow Jones Industrial Average
DJIA
+0.78%
rose 96.88 points, or 0.8%, to 12,578.95.
The S&P 500
SPX
+1.11%
added 14.37 points, or 1.1%, to 1,308.04,The Nasdaq Composite Index
COMP
+1.53%
climbed 41.63 points, or 1.5%, to 2,769.71."
Daily Pivot Point
R2= 1527
R1= 1522
S1= 1513
S2= 1508
FCPO- Tricky Direction
CPO futures is struggling to survive with bad fundamentals on supplies and record high inventory concern. The benchmark Apr has opened lower yesterday due to weaker overnight Soya oil futures performance which triggered strong urge to cover Long positions in morning session. But Fortunately, market manage to recover all of previous session losses by closing RM16 higher to 3,180. Although it is still early to tell for sure that palm oil futures could continue its previous preceding trend (upside) after previous Monday aggressive correction, we are looking at newly formed higher low and higher high formation on hourly chart as the benchmark Apr manage to surpasses above previous high around 3,178 level. But if (a very big IF) that Soya oil retrace substantially due to extensive production fear, palm oil futures is expected to hover in a sideways range before trending lower again (likely). In another words, Buyers are noticeably in control on yesterday late afternoon session, where the benchmark Apr swiftly recover to new high this week. Upside is likely revive when the market quickly recovered yesterday, and by looking at daily chart what we have witnessed for the past retracement happened two sessions ago were healthy corrections. What I can say from here is forget about the record high inventories or other bad sentiments because price itself will lead the way and it is recovering now. For today, support level is located around 3,209 while resistance is pegged at 3,150.
Daily Pivot Point
R2= 3209
R1= 3194
S1= 3150
S2= 3120
Disclaimer: Information and opinions contained in this report are for educational purposes only. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness.
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