FKLI will likely open a little higher, for the first trade today, one can attempt to Long 1-3 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 trading day.
For FCPO, weakness continued with better sellers again in yesterday's afternoon, closing market at new lows. Selling followed continuing erosion in CBT soyoil ( with e-CBT trading lower ) and easier China Dalian futures. Quiet cash market also undermined support. Cargo surveyors' export numbers for 1-20 August were on the low sides of guesstimates and added pressure. Weaker ringgit which lost about 0.3 pct vs USD had no effect. Prices were 7 higher to 15 lower in the morning and eroded to 23 lower in the afternoon.
There was little incentive for buying in spite of the relatively low current price. Fundamentals remain bearish with higher seasonal production in Aug - Oct but no sign of strong pick-up in demand. Absence of weather concern in the US soybean crop is also negative. Market may have to look towards increase demand for fuel for any silver lining.
Technical view - market is grossly oversold but indicators remain negative. Shorts may hold positions. Trend down ; RSI 16.07 ( oversold ) ; parabolic SAR at 2124 ; stochastic oversold ; support 2045 / 2000 / 1950 ; resistance 2100 / 2163 / 2200 / 2250.
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