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 from your entry point. Close your position by the end of the day.
As for FCPO, market closed slightly lower yesterday after another actively traded session on either sides of the previous day's close. Big drop in CBT soyoil prompted selling early with sharply lower crude mineral oil adding weight. Forecast of lower production and weakening ringgit, which lost about 0.8 pct vs USD today, kept market supported. Prices were 39 to 20 lower in the morning and rose to 12 higher in the afternoon before easing towards close.
It remains a tussle between bullish palm oil fundamentals and bearish related outside markets. Palm oil production and stocks are likely to be lower through February on seasonal downturn and recent flood disruption. Ringgit may weaken further on economic concerns and stronger USD.
However, there is bumper global soyabean production following record US and South American crop. Crude mineral oil is likely to continue weak which will affect use for fuel and biodiesel.
Technical view - no change in positive indicators. Prices continue to consolidate on last few days' gains. Trend up ; RSI 65.97 ; stochastic turned down from overbought ; parabolic SAR at 2313 ; support 2310 / 2237 / 2200 / 2150 ; resistance 2385 / 2435 / 2510.
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