FKLI will likely 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 closed higher for the 4th consecutive day. Buying was encouraged by the good 1-20 December exports, higher CBT soyoil and China Dalian futures, and strong gains in crude mineral oil. Lower 1-20 December production reported by Southern POMA and the weaker ringgit were also supportive. Gains were however, capped by some liquidation for the year end and less appetite for new positions. Prices were 21 higher to 1 lower in the morning and were firmer in the afternoon, trading mostly around 12 to 17 higher.
Most factors are positive as we approach the year end. The higher 1-20 December exports, which may extend to 1-31 December will confirm a substantial drop in stocks. Production in December may turn out lower than earlier estimates with the current bad floodings in the east coast states and the major producing state of Johor. However, concerns over weakness in crude mineral oil, which will affect use for energy, and the uncertain global economy may keep support cautious.
Technical view - prices remain in a sideway trading range of 2100 - 2200. trend sideways ; RSI 49.38 ; parabolic SAR at 2112 ; support 2100 / 2083 / 2064 / 2000 ; resistance 2216 / 2250 / 2286.
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