FKLI will likely open higher, 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 lower yesterday, snapping 5 consecutive days of gains. Selling was prompted by erosion in CBT soyoil and China Dalian futures. Weakness in crude mineral oil also undermined sentiment. Ideas that market was due for correction from the overbought situation added pressure. Losses were held by weaker ringgit, which lost about 0.3 pct vs USD today. Prices were 28 to 9 lower in the morning and extended losses to 43 lower in the afternoon.
There are no changes in fundamentals. Market likely correcting from the technically overbought situation with impetus provided by erosion in CBT soyoil and weakness in crude mineral oil. However, forecast for floods towards end November and historical strength in the 1st quarter are likely to keep market supported and limit the downside.
Technical view - prices correcting from the overbought RSI and stochastic. No change in positive indicators. Trend up ; RSI 67.55 ; stochastic overbought ; support 2265 / 2220 / 2165 / 2100 ; resistance 2345 / 2400 / 2450 / 2511.
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