FKLI will likely open a few points higher, for the first trade today, 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, harply lower CBT soyoil pressured the market to its lowest level since 15 October 2009. China Dalian also reacted in tandem, with RBD olein futures losing more than 2 pct. Adding weight was a stronger ringgit which rose more than 0.4 pct vs USD yesterday. Technical selling and long liquidation magnified losses. Prices gapped 26 to 43 lower in the morning and extended losses to 61 lower before closing off the lows.
Bears continued to flex their muscles following weakness in related outside factors. The very good weather is pressuring CBT soyoil, with bumper soyabean crop expected and China Dalian futures following. Weak crude mineral oil price, firmer ringgit and better global oilseeds supplies added to the negative outlook. Unless export demand picks up soon, weak trend may continue with high production months in August - October.
Technical view - bearish trend continues. Indicators remain negative. Market is oversold. Upward correction is a sell opportunity. An effective break below 2100 will carry prices to 2000. Trend down ; RSI 21.92 ( oversold ) ; parabolic SAR at 2207 ; stochastic oversold ; support 2115 / 2100 / 2050 ; resistance 2163 / 2200 / 2250 / 2300 ; open interest increasing.
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