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 sharply lower Friday after another actively traded session. Selling was prompted by ideas of slack demand and lack of covering in the cash market. Weekend profit taking and technical selling, as prices broke below 2324, added weight. Firmer ringgit was also negative. There was light support early following higher CBT soyoil and steady China Dalian futures. Prices were 10 higher to 16 lower in the morning and eroded to 46 lower in the afternoon.
Inspite of the lower supply, due in part to the monsoon disrupting production, there was no report of squeeze in the cash market. This raised concerns of slow demand. Weakness in crude mineral oil will also see less use for fuel and biodiesel. However, production is expected to be lower through February, especially with possible disruption by the rains and floods in East Malaysia in the coming days. This will keep market sensitive to demand.
Technical view - prices broke below the up trend line, turning some indicators negative. Good support seen below 2300 to 2250. trend turning sideways ; RSI 55.75 ; parabolic triggered a "sell" signal at 2328 ; support 2298 / 2237 / 2200 / 2150 ; resistance 2355 / 2395 / 2435 / 2510.
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