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 trading day.
For FCPO, market continued its uptrend to close at its highest level since 18 July. Buying was encouraged by
confirmation of good pick up in the 1-31 October exports and forecast of lower end December stocks by MPOB. Higher close in China Dalian futures was also supportive. Market was slightly lower early on the overbought situation which found good support. Prices were 6 lower to 17 higher in the morning and rose to 31 higher in the afternoon.
The good export numbers are giving better incentives for buying. With lower than expected stocks in October, seasonal strength from declining production in the coming months will impose on market. An outside bullish factor is the prospect of flooding from rainy weather. However, weakness in crude mineral oil, uncertain global economy and big supplies of soyabean may cap the upside.
Technical view - the break above 2300 may carry prices to 2400. Indicators remain positive. The overbought situation in both RSI and stochastic may see some correction which is a buy opportunity. Market continued its uptrend to close at its highest level since 18 July. Trend up ; RSI 71.11 ( overbought ) ; stochastic overbought ; support 2265 / 2220 / 2165 / 2100 ; resistance 2310 / 2345 / 2400.
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