The FBMKLCI managed to close on a positive note despite some intermittent profit taking activities during the afternoon session.
“Again, we believe the 1,680 remains a tough resistance and must be broken decisively before the index enters its 2nd phase of uptrend.
1,680 resistance level
“For today, we expect the index to hover within the 1,670-1,680 range. Meanwhile, crude palm oil (CPO) trended above the RM4,000/tonne amid still stuck within a consolidation mode,” say’s Rakuten Trade.
The uptick in price can be attributed to lower stock in Indonesia amid high biodiesel demand.
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