Bursa Malaysia has moved lower in back-to-back sessions, dropping almost 20 points or 1.2 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,640-point plateau and it may take further damage again on Friday.

The FTSE Bursa Malaysia KLCI Futures (FKLI) experienced a minor pullback, retreating by 1.5 points to close at 1,637.5 points. Despite touching an intraday high of 1,645.5 points, the index's "lower low" closing suggests an increase in bearish momentum, signalling a potential test of the 1,630-point support level in upcoming sessions. However, the bullish technical outlook remains intact, with the 50-day Simple Moving Average (SMA) line still trending upward. RHB Investment Bank Bhd (RHB Research) maintains a positive trading bias as long as the index stays above the 1,630-point threshold. Traders are advised to hold long positions with a trailing stop at 1,630 points.

Key Levels for FKLI:

Support: 1,630 pts, followed by 1,600 pts.

Resistance: 1,675 pts, followed by 1,700 pts.

The Crude Palm Oil Futures (FCPO) saw a slight dip of RM14, closing at RM4,182. Despite mild selling pressure, the bullish setup remains intact as FCPO continues to trade above the 50- and 200-day SMA lines. Should the commodity surpass the RM4,200 resistance level, it is expected to attract fresh buying interest and further gains. Conversely, increased selling pressure could see a retracement toward RM4,000. In the short term, sideways movement is anticipated below the RM4,200 resistance as the market eyes a potential breakout.

Key Levels for FCPO:

Support: RM4,000, followed by RM3,875.

Resistance: RM4,200, followed by RM4,400.

RHB Research maintains a positive trading bias for both FKLI and FCPO, encouraging traders to retain their long positions while adhering to the set stop-loss thresholds for risk management.