FKLI will likely open a little higher, 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, better selling towards close settled market lower yesterday. Selling was prompted by lack of fresh bullish factors and talks of slower export demand. Stronger ringgit, which gained about 0.35 pctvs USD, added weight. Market rose to one week high early following strength in CBT soyoil and China Dalian futures. Prices were 21 to 5 higher in the morning and eased gradually to 8 lower in the afternoon.
There is no change in fundamentals. Bulls will continue to look towards seasonal drop in production and likelihood of rain and floods in coming months. Bears are pointing towards the bumper US soybean crop and prospect of record high South American production as well. Ringgit is unlikely to be a major factor with most expectations for 3.30 to 3.35 range vs USD. Export demand is likely to be the primary factor.
Technical view - prices moved into wide trading range of 2200 - 2350 with a positive bias. Trend up ; RSI 56.68 ; support 2193 / 2165 / 2100 ; resistance 2300 / 2345 / 2400.
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