FKLI will likely open lower 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, market closed lower yesterday after rising to highest level in nearly eight months. There was better selling after market analyst Mr Dorab Mistry's projections in the later afternoon. Positive outlook from Mr Mielke of Oil World encouraged support early. Higher CBT soyoil and steady China Dalian futures also underpinned sentiment with weak ringgit adding support. Prices were 18 higher to 14 lower in the morning and 22 higher to 24 lower in the afternoon.
Opinions from the POC were mixed. Generally it is accepted that nearby supply is low which may continue through June as production will not increase substantially. However, slow demand gave ideas of bearish demand fundamentals amid concerns over global economy and weak crude mineral oil. Think market will be more sensitive to demand.
Technical view - the lower close after prices made new highs is slightly negative. Trend up ; RSI 60.10 ; stochastic overbought ; support 2320 / 2270 / 2216 / 2148 ; resistance 2400 / 2450 / 2510.
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