FKLI will likely open near yesterday's closing price. 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.
As for FCPO, last gasp covering closed market higher yesterday in an erratic session. Selling pressure had surfaced in the late afternoon following rumours of lower 1-15 October exports. Market was higher most of the session with support being encouraged by strong gains in CBT soyoil and higher China Dalian futures. Gains were however, capped by ideas of slow demand and weakness in crude mineral oil. Prices were 28 to 14 higher in the morning and eased to 2 lower in the afternoon.
The 1-15 October exports to be reported by the cargo surveyors tomorrow are expected to be lower against a month ago but with average export pace. Although full October exports are likely to be lower vs September, they may be balanced by the prospect of lower October production.
Meanwhile, reports of wet weather affecting current harvest of the US soyabean crop are supportive. Market needs some fresh news to move out of the current sideway range. Technical view - no change in the sideway trading range of 2220 - 2140. Trend sideways ; RSI 52.63 ; parabolic SAR at 2143 ; support 2137 / 2100 / 2065 / 2000 ; resistance 2223 / 2250 / 2300 / 2345.
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