FKLI will likely open very near to yesterday's closing price, 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.
For FCPO, market rose for the third consecutive day to close sharply higher yesterday.
Strong buying came in the afternoon following rumours that Malaysia will
be abolishing the export duty on crude palm oil. Firmer cash CPO market
lent credit to the rumours. Short covering and technical considerations
as prices broke above 2000 added support. Similar to the last 2 days,
market eased early in tandem with CBT soyoil and China Dalian futures.
Prices were 13 lower to 18 higher in the morning and rose up to 55
higher in the afternoon.
Market acted on its own today and showed its sensitivity to positive
news. Any abolishment of the export duty is positive and will help in
increasing exports. Market was also supported by ideas that current
bearish factors were already factored in after big drop the past month.
However, fundamentals remain negative with big increase in production
and stocks in August. Demand will be closely followed in the coming
months.
Technical view - the break above 2000 is slightly positive and may carry prices to 2100. Trend down ; RSI 39.12 ; parabolic SAR at 2034 ; macd
intersects trigger line from below ; support 1950 / 1915 / 1850 ;
resistance 2050 / 2100 / 2163 ; open interest increasing.
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