FKLI will likely open a few points higher today, for the first trade, 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, market rose to a 2-week high Friday on better support in the morning. Buying was encouraged by strong gains in CBT soyoil and higher China Dalian futures. Firmer cash market added support. Gains were capped by rumours of lower 1-25 October exports and weekend profit taking. Softer close in China Dalian futures and lower crude mineral oil in Asian trade also undermined sentiment. Prices were 11 to 24 higher in the morning and eased to 2 higher in the afternoon.
Export numbers by the cargo surveyors will provide incentives in the coming week. Rumoured that the 1-25 October exports are at an average pace which should be neutral. Traders will also be looking towards the market analysts projections at the POTS KL Conference on 28 / 29 October for some direction. Fundamentally, there are no changes.
Technical view - prices moved into a 2200 - 2100 trading range with a slightly positive bias. Trend sideways ; RSI 56.49 ; parabolic SAR at 2194 ; support 2140 / 2100 / 2065 / 2000 ; resistance 2223 / 2250 / 2300.
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