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 trading day.
As for FCPO, market closed lower yesterday on strong selling late in the session. Selling was tied to ideas that the worst flood situation may be over. Lower China Dalian futures, weak crude mineral oil and easier CBT soyoil also undermined sentiment. Market was sideways to higher most of the session. Support followed forecast of heavy rains in East Malaysia and Johor in the coming days which will affect production. Weak ringgit, which lost about 0.5 pct vs USD, added support. Prices were 14 higher to 8 lower in the morning and 10 higher to 21 lower in the afternoon.
Buyers are looking at prospects of heavy rains and floods shifting to other states in the coming days. Weaker ringgit, in light of expectations for slower economic growth, is also positive. However, global vegetable oils fundamentals are negative. South America is on course to produce a record soyabean crop. Continuing weakness in crude mineral oil will see reduced demand for biodiesel and fuel.
Technical view - no change yet to the up trend. The trading range of 2200 - 2300 remains. Trend up ; RSI 59.13 ; support 2237 / 2188 / 2150 / 2100 ; resistance 2308 / 2345 / 2400.
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