FKLI will 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 day.
For FCPO, market closed lower yesterday after an erratic and choppy session. Prices traded in wide range within Monday's levels. Selling was prompted by lack of supporting factors with only small gains in China Dalian futures and CBT soyoil overnight. Concerns over slow exports and prospects of increasing production and stocks continued to undermine sentiment. Prices were 2 to 25 lower in the morning and 56 to 14 lower in the afternoon.
Big swings these last 2 days pointed to some cautiousness at current price levels. There are no changes to the bearish fundamentals with higher production expected through October while exports are not seen to be picking up yet. The prospect of a bumper US soyabean crop also added pressure. However, current prices are deemed to be relatively low, which may result in consumers looking towards stock replenishing. Increased use for fuel, with higher biodiesel production in Argentina and Brazil using soyoil, will also lend support.
Technical view - prices turned sideways, holding within the previous day's range. Indicators remain negative. The oversold situation in the RSI may keep prices sideways in the coming days. Trend down ; RSI 20.96 ( oversold ) ; parabolic SAR at 2045 ; support 1955 / 1900 / 1850 ; resistance 2050 / 2100 / 2163.
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