Review on Last Week Market

On the local market, the FBM KLCI closed 7.28 points lowers to 1708.38 points. On a week-to-week basis, the index gained 10.03 points to 1,708.38 from 1,698.35 last Friday.

The FBM Emas Index gained 82.08 points to 12,057.59, the FBMT 100 Index gained 83.76 points to 11,736.31 and the FBM Emas Syariah Index jumped 108.51 points to 12,498.77. Total volume traded gained to 10.76 billion shares valued at RM12.42 billion.

Events to watch out this few weeks

8 March, 11.30pm, Crude Oil Inventories report. Expect some price volatility for WTI Crude Oil.

9 March, 10.45pm, European Central Bank's decision on Interest Rates.

16 March, 3.00am, US Fed Interest Rate decision. US Fed Chairman said risk of central bank being too slow to adjust interest rates, and suggested rate hike this month "likely" appropriate. Expect some price volatility for DOW, USD Index & US/MYR

FKLI

FKLI still remained in an uptrend as shown by its latest price action & EMA 8-13 golden cross since start of 2017. Going forward I expect FKLI to resume its uptrend towards first target 1,720 with nearest support for risk management is 1,700 zone. Second uptrend target will be 1,727.

FCPO

FCPO formed a hammer pattern last tuesday, thus giving us an indication that this downtrend may be over soon. Taking this latest candlestick price action into account, I believe FCPO will resume its uptrend as long as prices able to stay above 2,819. First uptrend target is 2,928 while second uptrend target 2,976. Risk management will be the 2,819-20 support zone.

S&P 500 Futures

S&P500 Futures still in an uptrend signal as shown by EMA8-13 and I still believe this index futures will resume uptrend next week. First uptrend target is 2,400 while second uptrend target will be 2,420. Support will be the congestion level highlighted at 2,351. Take note, there maybe a potential US Interest Rate increase on March 16 and S&P500 may have some wild swings.

WTI Crude Oil

WTI Crude Oil formed an EMA8-13 deadly cross on last Friday. This means the Oil Futures may start to have a downtrend soon. First downtrend target will be $51.35 while second downtrend target is at $50.75. Resistance for this downtrend will be the highlighted $54 zone, that where prices frequently failed to stay above it. Take note: the weekly crude oil inventory report will be issued on March 8, 11:30pm Msia time, expect some wild market swings. Take good care of your trades.

DISCLAIMER

The information contained in this article is for reference. No individual financial goals & risk appetite have been taken into account. Futures trading involve high risks.

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