FKLI will open higher today with Dow Jones closing more than 200 points up. 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 trading day.
As for FCPO, market rose yesterday on good support throughout the session. Buying was encouraged by gains in CBT soyoil and China Dalian futures over the Deepavali holiday. Higher cash market and ideas of good demand were also supportive. Technical buying as prices broke above 2150 added gains. Prices were 12 to 33 higher in the morning and extended gains to 47 higher in the afternoon.
Good support today reflected better sentiment. Buyers were probably looking towards seasonal 1st quarter strength as production comes off after October. However, fundamentals look negative. Stocks will likely increase in October unless exports improve substantially. A bumper US soyabean crop is now under harvest. Crude mineral oil is weak as well as the global economic outlook.
Technical view - the break above 2150 is slightly positive. Prices may rise to 2200. Trend turning sideways ; RSI 54.66 ; parabolic SAR at 2196 ; support 2140 / 2100 / 2065 / 2000 ; resistance 2223 / 2250 / 2300.
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