FKLI will likely open a little lower, for the first trade today, one can attempt to Short 1-3 points above the opening price. Try get 5-7 points profit and put a stop 5 point away from your entry point. Close your position by the end of the day.
For FCPO, market closed about unchanged today after trading on either sides of the previous day's close. However, prompt August was lower on long liquidation ahead of the first tender day. Net gains in CBT soyoil and a weaker ringgit encouraged support in the morning. Expectations of higher 1-31 July exports vs a month ago added support. Bearish sentiment and lower e-CBT soyoil pressured market in the afternoon. Prices were 22 - 9 higher in the morning and eroded to 11 lower in the afternoon before
getting better support at close.
There were no new factors. Good 1-31 July export numbers by ITS tomorrow will be supportive especially with production likely to be reduced by the Hari Raya holidays. Bulls will also be hoping for some weather premium in CBT soyoil although conditions are rather good at present. Generally, sentiment remains negative with ample oilseeds supplies. Technical view - no change in negative indicators. A break below 2250 will carry prices to 2200.
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