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, down trend continued yesterday with prices eroding to its lowest level since 19 December. Selling was prompted by sharp fall in CBT soyoil and crude mineral oil. China Dalian futures were also lower in sympathy. Quiet cash market also undermined sentiment. Technical sell stops below 2150 magnified losses. Weaker ringgit, which lost about 0.3 pct vs USD today, had little effect.
Prices were 28 to 42 lower in the morning and extended losses to 82 lower in the afternoon. There was little incentive for support with a quiet cash market giving ideas of slow demand. Weaknesses in CBT soyoil, following prospects of big South American soyabean crop, amid reports of improved weather, added to the negative outlook. Concerns over the global economy and low crude mineral oil price also undermined sentiment. However, the current low stocks and production may limit the downside.
Technical view - the break to new lows continues the down trend. Prices may test strong support at 2100. Trend down ; RSI 34.54 ; stochastic turning up from oversold ; support 2100 / 2080 / 2000 / 1915 ; resistance 2216 / 2250 / 2300 / 2355 / 2395
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