FKLI June futures contracts closed strong at closed yesterday in line with the higher cash and regional market. Spot month June gain 20.5 while July +19.5 points. Premium widen to 6 pts from 3 pts previous day.
On the cash market, KLCI jumped 18.42, 1.44% across-the-board gains. The uptrend was largely due to the overnight gain in the US market, which received a boost from better housing and car sales. In addition, the strong regional market (STI +2.42%, N225 +3.25% and Kospi +1.93%) provides the much needed optimism.
Among the top gainer sector is plantation +74.72, 1.41% and finance +152.91, and 1.41%. Nevertheless, the volume traded not so convincing before any trend could be confirmed at this juncture.
Technically, the fkli managed to penetrate the psychological 1300 resistance level. Closing above the psychological 1300 level resistance, and with both FKLI and KLCI closed above the 200SMA could be one signal that the recent minor correction is over. In another positive sign, the fkli MACD turned positive after turning bearish in mid-May. If the cash mange and stay above the 1300 player possibly will start feeling confident that the cash has bottomed out. Fkli are set a cautious open today after US market offer little direction and fkli may open lower as basis will narrow unless the cash climb above the 1300 level. The next resistance level for cash will be psychological resistance and 1305 for fkli. Immediate support revise higher to 1290-1285 while resistance at 1310.
US Market
U.S. stocks rose last night, led by a late-day surge in technology shares as investors geared up for a strong unemployment report today. Volume was light ahead of Friday's non-farm payrolls report, which is expected to show the economy added 513,000 jobs in May. The Dow Jones up 5.74 points, or 0.06%, to end at 10,255.28. The Nasdaq rose 21.96 points, or 0.96%, to 2,303.03
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The information herein was obtained or derived from the source that we believed are reliable.No liability can be accepted for any loss that may arise from the use of this report.All opinions and estimates included in this report constitutes our judgement as of this date and are subject to change without notice.
Technically, the fkli managed to penetrate the psychological 1300 resistance level. Closing above the psychological 1300 level resistance, and with both FKLI and KLCI closed above the 200SMA could be one signal that the recent minor correction is over. In another positive sign, the fkli MACD turned positive after turning bearish in mid-May. If the cash mange and stay above the 1300 player possibly will start feeling confident that the cash has bottomed out. Fkli are set a cautious open today after US market offer little direction and fkli may open lower as basis will narrow unless the cash climb above the 1300 level. The next resistance level for cash will be psychological resistance and 1305 for fkli. Immediate support revise higher to 1290-1285 while resistance at 1310.
US Market
U.S. stocks rose last night, led by a late-day surge in technology shares as investors geared up for a strong unemployment report today. Volume was light ahead of Friday's non-farm payrolls report, which is expected to show the economy added 513,000 jobs in May. The Dow Jones up 5.74 points, or 0.06%, to end at 10,255.28. The Nasdaq rose 21.96 points, or 0.96%, to 2,303.03
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The information herein was obtained or derived from the source that we believed are reliable.No liability can be accepted for any loss that may arise from the use of this report.All opinions and estimates included in this report constitutes our judgement as of this date and are subject to change without notice.
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