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 and put a stop 5 points away from your entry point. Close your position by the end of the day.
As for FCPO, market rose yesterday on good support throughout the session. Buying was encouraged by reports of better interest in the cash market. Higher CBT soyoil and China Dalian futures were also supportive. Strong gains in crude mineral oil also underpinned sentiment. Stronger ringgit, which gained about 0.6 pct vs USD today, was largely ignored but may have helped to check the upside. Prices were 8 to 25 higher in the morning and extended gains to 36 higher in the afternoon.
Seasonal strength is supporting sentiment especially with current low stocks and production. There are ideas that current prices are attractive to draw better demand. Supplies will remain tight as Indonesian demand increases with the subsidy for biodiesel. However, soyabean and other oilseeds supplies remain ample. Together with weak crude mineral oil prices, they may cap the upside.
Technical view - prices have pulled back into a sideway range of 2320 - 2220. Indicators remain negative and trend down. trend down ; RSI 51.20 ; support 2216 / 2148 / 2100 ; resistance 2320 / 2355 / 2395.
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