FKLI will likely open a few points lower, 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, weakness in related outside markets closed prices lower again yesterday. Selling followed sharply lower CBT soyoil, crude mineral oil and China Dalian futures. Quiet cash market and ideas of slow demand undermined support. Sentiment was also affected by broad losses across the global equity markets. Technical considerations added pressure. Prices were 6 to 23 lower in the morning and extended losses to 33 lower in the afternoon.
Continued weakness in crude mineral oil is beginning to add pressure on the negative vegetable oils fundamentals. Usage for biodiesel / biofuel will be adversely affected. Concerns over the global economy, amid a five year low inflation rate in China and a decline in US producer prices, added to the negative sentiment. However, seasonal strength and lower production in the coming months may limit the downside.
Technical view - indicators are negative. Prices may move to 2050. Trend down ; RSI 45.0 ; 5-day MA intersected 20-day MA from above ; macd intersected trigger line from above ; stochastic oversold ; support 2100 / 2065 / 2000 ; resistance 2150 / 2223 / 2250 / 2300 / 2345.
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