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, sharply higher CBT soyoil and continued weakness in the ringgit, which lost about 0.6 pct vs USD today, carried prices to a 2-month high yesterday. Reuters poll of sharply lower end December stocks and production added support. Sentiment was also underpinned by forecast of heavy rain, which may cause floods, in East Malaysia and Johor in the coming days. Gains were capped by erosion in crude mineral oil to below USD49. Prices rose 8 to 46 higher in the morning but shed some gains in the afternoon.
Market is likely to hold steady in the coming days on expectations of a supportive MPOB December data on 12 January and continuing weakness in the ringgit. Any confirmation of heavy rains and floods will add to the existing bullish sentiment. However, the weak crude mineral oil, prospects of lower demand from India after the hike in import duty and record South American soyabean crop may cap the upside.
Technical view - prices testing resistance around 2300. An effective break above will carry prices to 2350. Indicators remain positive. Trend up ; RSI 61.86 ; support 2237 / 2188 / 2150 / 2100 ; resistance 2310 / 2345 / 2400.
No comments:
Post a Comment