FKLI will open lower 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 point away from your entry point. Close your position by the end of the day.
As for FCPO, market closed slightly higher Friday in a slow trading session. Fresh incentives were lacking with CBT closed tonight. Buying was encouraged by higher CBT soyoil and firmer China Dalian futures. Weekend short covering added support. Seasonal third quarter weakness and lack of bullish conviction checked gains. Prices were 1 to 18 higher in the morning and 11 higher to 3 lower in the afternoon.
There are no new factors. Buyers will be looking for signs of El Nino and continuation of excessive rains in the US soyabean growing areas. Sellers will be pointing towards weakness from the approaching peak production period of August - October. Meanwhile, some attention may be drawn towards the Greece situation this weekend, where any debt default and exit from the eurozone will undermine sentiment. Market will also be looking towards the MPOB June data and the 1-10 July exports in the coming week for incentives.
Technical view - indicators remain neutral with prices continuing to hold within the 2220 - 2285 range. Trend sideways ; RSI 53.50 ; parabolic SAR at 2292 ; support 2220 / 2150 / 2120 ; resistance 2285 / 2300 / 2330 / 2360. Interested to open an account to start trading futures? PM me for more info or visit http://jaceonmarkets.blogspot.com
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