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 points away from your entry point. Close your position by the end of the day.
As for FCPO, market continued to erode sharply, dipping to its lowest level since 22 May. Selling followed sharply lower CBT soyoil and China Dalian futures. Long liquidation and technical weakness added weight. Quiet cash market and ideas of slow demand also undermined sentiment. Prices gapped 54 to 74 lower in the morning and remained soft in the afternoon.
Outside factors dampened sentiment today. Continuous plunge in China stock market inspite of the government introducing supporting measures and the Greece financial crisis raised concerns over the global economic outlook, prompting a broad sell down in the equities and commodities markets. Higher production in the coming months and absence of adverse weather are likely to keep the trend negative in the coming months.
Technical view - the very sharp fall may see some rebound with the stochastic indicating oversold. Any pull back will be a sell opportunity. -Trend down ; RSI 34.53 ; stochastic oversold ; support 2120 / 2070 / 2000 ; resistance 2205 / 2250 / 2285 / 2300.
Ringgit ~ 3.8040 / 3.8060 vs USD
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