Morning Traders,
US market closed down slightly and mixed as Nasdaq was slightly positive. I remember at one point during the night the market was down by quite significantly.
There will be a host of numbers coming out tonight so be on the look out for that. On the chart, it seems like price has encountered a significant resistance level here and if there is a negative catalyst, a possible downside break could happen.
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Cash market made a new high again yesterday. Futures turn form discount to premium.
I want to look and see if cash market wants to continue this upward movement. If yes, then shorts need to be careful. Do not discount the possibility of a Malaysia boleh rally again.
But with Hari Raya coming up and public holiday on Monday and Tuesday, I think there will be traders that would be unwilling to hold over such a long holiday so some traders might lighten up their position.
Here are your levels for today:
FKLI
Upper Resistance: 1651, 53, 55, 58
Lower Support: 1649, 47, 44, 42, 40
Cash Index
Upper Resistance: 1650, 52, 54
Lower Support: 1646, 43, 40, 36
Trade safe all.
Best Wishes,
Tech Trader
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