FKLI will likely open near yesterday's close, 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 rose in the last hour of trading to close higher yesterday. Buying was encouraged by rumours of high 1-30 September exports to be reported by the cargo surveyors tomorrow. Weaker ringgit, which lost about 0.6 pct vs USD, was also supportive. Market eased early following lower CBT soyoil and China Dalian futures. Trading volume was relatively low today. Prices were 17 to 1 lower in the morning and rose to 17 higher in the afternoon.
A confirmation of strong exports in September will keep market supported in the coming days. Together with lower September production, stocks will likely drop, contrary to earlier expectations.
There are also expectations for the Malaysian government to keep the zero cpo export duty through December which will also underpin sentiment. However, the bumper US soyabean crop and prospects of higher October production may cap gains. Meanwhile, opinions were mixed from the market analysts at the Globoil Conference in India over the weekend.
Technical view - prices are maintaining their upward momentum towards 2250. Indicators remain positive. Trend up ; RSI 61.58 ; parabolic SAR at 2131 ; stochastic overbought ; support 2150 / 2065 / 2000 / 1950 ; resistance 2210 / 2250 / 2300 / 2345.
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