FKLI will likely open lower as Dow Jones plunged more than 300 points. For the first trade today, one can attempt to Long 2-4 points below the opening price. Try get 5-7 points profit and put a stop 5 points away from your entry point. Close your position by the end of the day.
As for FCPO, better sellers in the afternoon closed market lower today. Selling was tied to bearish sentiment continuing in the absence of bullish factors. Lower than expected July exports undermined support together with weakness in CBT soyoil. There was support in the morning following higher China Dalian futures and weaker ringgit, which lost about 0.4 pct vs USD. Prices were 14 to 2 higher in the morning and eroded to 19 lower in the afternoon before closing off the lows. Prompt August was higher on short covering.
The lower 1-31 July exports by ITS is likely to keep sentiment negative. With production forecast about 10 pct higher, stocks may not change much from a month ago. As production is entering the seasonally peak period in August - October and weather remains good in the US and India, negative sentiment may continue. However, prices and consumer stocks are relatively low which can bring strong reaction to any positive news.
Technical view - the erosion to new lows kept indicators negative. An effective break below 2250 will carry prices to 2200.
Technicals - trend down ; RSI 29.45 ( oversold ) ; parabolic SAR at 2289 ; support 2220 /
2200 / 2135 ; resistance 2300 / 2345 / 2400.
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