FKLI will open near 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 you position by the end of the day.
For FCPO, market eroded yesterday on steady selling throughout the session. Selling was prompted by weakness in crude mineral oil, which lost more than USD1.00 in Asian trade, and firmer ringgit. Negative sentiment towards estimates of lower November exports and higher stocks against a month ago undermined support. Cash market was also quiet. Prices were 4 to 23 lower in the morning and eroded to 41 lower in the afternoon.
Forecast of continued weakness in crude mineral oil raised concerns over demand from the biodiesel and fuel sector. This is negative especially with increased global vegetable oils production in the coming months. Traders will be following comments from market analysts at the current Indonesia conference for incentives. However, expect them to maintain their projections made at the POTS Kuala Lumpur conference just a month ago.
Technical view - prices continuing within the sideway trading range of 2180 - 2300. Trend sideways ; RSI 46.99 ; support 2187 / 2165 / 2100 ; resistance 2286 / 2345 / 2400.
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