FKLI will likely open 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 trading day.
As for FCPO, market extended gains to close at its highest level in nearly 4 weeks Friday. Trading was rather choppy throughout as prices fluctuated on either sides of the previous day's close. Buying was encouraged by firmer cash market and ideas of good demand. Higher China Dalian futures and e-CBT soyoil were also supportive. Expectations of high production and stocks through October prompted selling which resulted in choppy trading. Prices were 20 higher to 17 lower in the morning before closing 8 higher. Choppy session continued in the afternoon with prices 6 lower to 19 higher.
Strong gains the last 2 days inspite of sharply higher August production and stocks reported by MPOB pointed to a positive change in sentiment. The record US soyabean crop was also discounted as already factored in. Prospect of increased demand by the fuel sector, consumers replenishing low stocks, and higher exports on zero cpo export duty are encouraging support.
Technical view - prices continued the short term up trend towards 2100. Trend up ; RSI 50.18 ; stochastic overbought ; support 2050 / 2000 / 1950 / 1914 ; resistance 2100 / 2163 / 2200.
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