FKLI will likely open a little 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, late buying closed market mixed after early erosion found good
support. Weakness in CBT soyoil and China Dalian futures prompted
selling early with losses being held by the very good 1-10 September
exports. Bearish MPOB data again resulted in selling pressure in the
early afternoon before recovering towards close. Prices did a full
circle, eroding 7 to 37 lower in the morning and trading at 29 lower to 1
higher in the afternoon.
Market seemed to be discounting the bearish MPOB August data as
already expected. However, the big increase in stocks is of concern as
production is expected to remain high in September - October. Weakness
in CBT soyoil, due to expectations of record soyabean production with
current good weather, also weighed on sentiment. However, there are
feelings that market has accounted for these bearish factors already and
may have bottomed. Demand looks good (the 1-10 September exports were
highest for the first ten days since October 2013) and there are
expectations of increased use for fuel and biodiesel.
Technical view - prices correcting from the overbought situation in the stochastic. No change in the short term positive trend. Trend sideways ; RSI 40.66 ; stochastic turned down from
overbought ; support 2000 / 1950 / 1914 ; resistance 2068 / 2100 /
2163 / 2200.
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