FKLI will likely open almost unchanged, 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 the opening price. Close your position by the end of the day.
For FCPO market recovered from early erosion to close sharply higher yesterday.
Buying was encouraged by firmer cash market with reports of good buying
interest. Higher close in China Dalian futures also underpinned
sentiment. Technical support as prices rose above 2050 added gains.
There was some early selling pressure tied to concerns over increasing
supplies in the coming months. Prices were 26 lower to 16 higher in the
morning and rose to 40 higher in the afternoon with strong support
towards close.
There was more focus on demand today. The good 1-10 September exports
were encouraging and will likely continue with the zero export duty.
Sentiment may also be boosted by the lower Southern POMA production
report for 1-10 September. However, supplies are increasing with higher
stocks expected in September - October. The record US soyabean crop is
also negative. Short term trend up ; RSI 47.40 ; 5-day MA intersected 20-day
MA from below ; support 2000 / 1950 / 1914 ; resistance 2100 / 2163 /
2200.
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