FKLI will likely open a few points lower, for the first trade today, 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 trading day.
For FCPO, market closed lower yesterday after trading on either sides of the previous day's close. Selling was tied to bearish sentiment on ideas that current fundamentals are mostly negative. Firmer ringgit, which gained more than 0.4 pct vs USD, also undermined sentiment. There was support early following strong gains in CBT soyoil. Prices were 13 higher to 10 lower in the morning and 19 to 1 lower in the afternoon.
Fundamentals are generally negative. With no major problems reported on the global weather, oilseeds supplies are expected to be abundant this season. USDA kept its soyabean crop ratings of good / excellent at 71 pct vs a week ago, and a record harvest of 3.8 billion bushels. Palm oil production is expected to maintain its seasonal peak in August - October in the absence of El Nino weather. Unless export demand picks up, weak trend may continue.
Technical view - prices continue to hold within the 2250 - 2300 sideway range. Breakouts from these levels may see the next major move. Trend sideways ; RSI 32.79 ; parabolic SAR at 2280 ; support 2245 / 2200 / 2135 ; resistance 2300 / 2345 / 2400 ; open interest increasing.
Excellent post. I was checking constantly this blog and I'm impressed!
ReplyDeleteVery helpful info particularly the ultimate phase
:) I deal with such info a lot. I was seeking this particular information for a very lengthy time.
Thank you and best of luck.