FKLI will open 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 yesterday on better positive sentiment. Strong buying came in the afternoon as fresh sellers were lacking and China Dalian futures recovered most of its early losses. Higher crude mineral oil and weaker ringgit, which eased about 0.25 pct vs USD, were also supportive. Prices were 4 higher to 5 lower in the morning and rose gradually to 24 higher in the afternoon.
In the absence of fresh factors, expectation of seasonal strength from lower production in the coming months is encouraging support. Steadiness in CBT soyoil and China Dalian futures added to the positive sentiment. However, the lower exports and relatively weak crude mineral oil are of concern and likely to check gains.
Technical view - prices continue to hold within the 2200 - 2350 trading range. Trend sideways ; RSI 54.92 ; support 2193 / 2165 / 2100 ; resistance 2257 / 2286 / 2345 / 2400.
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