FKLI will likely open a little higher 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, market closed lower for the third consecutive day. There was some intermittent support which did not follow through. Selling was tied to concerns over slow demand and prospects of higher production in February. Lower CBT soyoil and soyabean, inspite of USDA forecasting lower soyabean ending stocks, also undermined sentiment. Support was provided by firmer China Dalian olein futures and weaker ringgit, which lost about 0.5 pct vs USD today. Prices were 8 higher to 10 lower in the morning and 15 higher to 29 lower in the afternoon.
There are no major changes in fundamentals. Indonesian biodiesel subsidy and low production in the coming months remain supportive. However, poor exports todate, record high soyabean supplies and weakness in crude mineral oil are keeping bullishness in check.
Technical view - prices corrected one third on recent sharp rise. Indicators are still positive. Trend up ; RSI 52.12 ; stochastic turned down from overbought ; support 2250 / 2216 / 2148 / 2100 ; resistance 2355 / 2395 / 2450 / 2510
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