FKLI will likely open very near to yesterday's closing price, for the first trade today, one can attempt to Short 1-3 points above 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 its highest level since 8 August on continued strong support. Buying was encouraged by sharply higher CBT soyoil and China Dalian futures. Short covering and technical buy stops above 2250 added gains. The slightly positive projections from the market analysts at the POTS KL Conference also underpinned sentiment. Prices gapped 23 to 8 higher in the morning and rose steadily to 54 higher in the afternoon.
Are the lows behind us? Historical trend usually show market climbing after October as production starts to drop. Rainy weather and floods also contribute to the positive trend. However, current fundamentals are not bullish. Exports have been just average and stocks will likely increase. The rainy weather and flood situation are uncertain at the moment. In any case, the market analysts' projections of higher prices in the first quarter probably affected sentiment.
Technical view - prices rose above 2250, continuing the uptrend to 2300. Trend up ; RSI 66.80 ; stochastic overbought ; 5-day MA intersected 20-day MA from below ; macd intersected trigger line from below ; support 2220 / 2165 / 2100 / 2065 ; resistance 2300 / 2345 / 2400.
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