FKLI will likely open very near to yesterday's close. 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, market closed higher again yesterday on strong support late in the session. Buying was tied to positive sentiment towards seasonal strength in the coming months. Weak ringgit, which lost about 0.5 pct vs USD today, lent support. Sentiment was also underpinned by steadiness in CBTsoyoil and China Dalian futures. Market traded on either sides of the previous day's close earlierdue to absence of fresh factors. Prices were 12 higher to 13 lower in choppy morning trade and rose from 7 lower to 33 higher in the afternoon.
It is mainly bullish sentiment towards lower production and possible flooding in the coming months. Prospects of lower global sun oil and rapeseed oil supplies are also supportive. However, the bumper US soyabean crop and weakness in crude mineral oil may keep support cautious. Improved weather for the South American soyabean crop is also negative. In anycase, think export demand will be the main factor in the coming weeks.
Technical view - the break above 2250 is positive. Prices are continuing the broad range major up trend. Trend up ; RSI 57.64 ; stochastic turned up from oversold ; support 2193 / 2165 / 2100 ; resistance 2300 / 2345 / 2400.
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