FKLI wil likely open higher for 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, good support in the afternoon closed market higher yesterday. Buying was led by short covering and technical correction from the oversold situation indicated in the stochastic. Steady CBT soyoil, China Dalian futures and strong gains in crude mineral oil also encouraged support. Market was easier in the morning on continuing bearish sentiment and lack of fresh factors. Prices were 3 higher to 8 lower in the morning and rebounded to 23 higher in the afternoon.
Unless there are new factors, the very good May exports todate may see some recovery from declines the past few days. Talks of better demand for the upcoming festive Ramadan may also underpin sentiment. However, higher production in the coming months and big soyabean supplies remain of concern. Technical view - prices correcting from the oversold situation in the stochastic. Indicators remain slightly negative. Ringgit ~ 3.6010 / 3.6030 vs USD. Trend down ; RSI 47.96 ; stochastic oversold ; 5-day MA intersected 20-day MA from above ; support 2110 / 2070 / 2000 ; resistance 2200 / 2235 / 2270 / 2320.
In other news...
🇺🇸 The S&P 500 index ground out a new record high Thursday, as U.S. stocks gained broadly in quiet trading. With the first-quarter earnings season largely complete, many investors say they are sitting tight as they await new market-moving catalysts.
📝 The Eurozone May Markit manufacturing PMI unexpectedly rose +0.3 to 52.3, stronger than expectations of -0.2 to 51.8 and the fastest pace of expansion in 13 months.
€ European stocks were eked out gains to close higher as investors digested fresh data from the euro zone.
🇩🇪 The German May Markit/BME manufacturing PMI fell -0.7 to 51.4, weaker than expectations of -0.1 to 52.0.
🇨🇳 The China May HSBC flash manufacturing PMI rose +0.2 to 49.1, weaker than expectations of +0.4 to 49.3 and the third month the index has remained below the contraction/expansion level of 50.0.
🇨🇳 Shanghai Composite rose to a 3-week high on speculation that contraction in Chinese economic activity will prompt China to boost stimulus measures.
🇯🇵 Nikkei Stock Index at a 15-year high on speculation the weak yen will continue to aid Japanese growth after Wednesday's data showed Japan Q1 GDP rose more than expected at its fastest pace of growth in a year.
⛽ WTI crude oil rose about 3% as a reported drawdown of stockpiles in the Cushing delivery point for U.S. crude futures boosted optimism that a supply glut was easing.
* WTI $60.72 (+1.74)
* Brent Crude $66.20 (+1.20)
📝 Gasoline futures climbed to a 2015 high on expectations of strong driving demand during the Memorial Day weeken
👑 Gold prices fell to a one-week low as investors tried to discern whether the Federal Reserve is set on tightening monetary policy after the summer.
🌴 FCPO (RM2,158) closed higher after earlier sell off. Buying was led by short covering and technical correction from the oversold situation indicates in the scholastic. Talks on better demand for the upcoming festival Ramadan may also added support. However, higher productions in palm oil and Soyoil supplies remain of concern.
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