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, erratic market yesterday, trading within the previous day's range. Prices did a full circle. There was early support following higher CBT soyoil and weaker ringgit vs USD. Strong gains in crude mineral oil in Asian trade also underpinned sentiment. Easier China Dalian futures and ideas of slow demand capped gains. Prices were 24 higher to 2 lower in the morning and 7 lower to 26 higher in the afternoon.
There were no new factors. Market may consolidate after pulling back from strong gains. Prospects of increased demand for biodiesel by Indonesia, seasonal low production through June and weak ringgit are positive. Poor exports, record high South American soyabean crop and weakness in crude mineral oil are negative. Meanwhile, a report that Malaysia may resume export tax on crude palm oil, with details to be announced on 16 February, will be negative.
Technical view - prices turned sideways, after correcting one third, keeping indicators positive. Trend up ; RSI 53.86 ; support 2270 / 2216 / 2148 / 2100 ; resistance 2355 / 2395 / 2450 / 2510 .
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