FKLI will likely open lower today, for the first trade, one can attempt to Short 1-3 points above 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 lower Friday early gains did not follow through. Selling was led by weekend profit taking. Technical correction from the overbought situation added weight. Rumours of low 1-10 January exports also undermined support. Market was higher early following strong gains in CBT soyoil. Prices were 14 higher to 23 lower in the morning and eased gradually to 28 lower in the afternoon.
Weather will be of major consideration in the coming week. Forecast is for heavy rainfall in some states but sentiment will be dampened if there is no flooding. Export numbers for 1-10 January are likely to be lower but will be secondary to the weather situation. MPOB data may be discounted unless the production and stocks vary substantially from the Bloomberg and Reuters' polls.
Technical view - prices correcting from the overbought RSI and stochastic. No change in positive indicators. Trend up ; RSI 66.61 ; stochastic overbought ; support 2310 / 2237 / 2200 / 2150 ; resistance 2400 / 2435 / 2510.
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