FKLI will likely open slightly 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 points away from your entry point. Close your position by the end of the day.
As for FCPO, market closed lower yesterday as sellers took protection against the
likelihood of a bearish MPOB August data tomorrow. Losses were held by
rumours of higher 1-10 September exports to be reported by the cargo
surveyors today. Lower CBT soyoil and China Dalian futures undermined
market early. But the weaker ringgit, which lost about 0.5 pct vs USD,
helped to limit losses. Prices were 1 higher to 18 lower in the morning
and eroded to 39 lower in the afternoon before recovering slightly
towards close.
Exports for 1-10 September and the MPOB data tomorrow will be
followed. The MPOA August production estimate was rather high but may
already be discounted with the sharp drop in prices during August.
Exports may be of greater interest. This will indicate if prices are low
enough to induce better demand. Meanwhile, the USDA soyabean crop
ratings pointed to bumper production under near ideal weather, which is
negative.
Technical view - prices correcting from the overbought
situation indicated in the stochastic. The short term trend remains
positive. Trend up ; RSI 40.80 ; stochastic overbought ;
support 2000 / 1950 / 1914 ; resistance 2068 / 2100 / 2163 / 2200.
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