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.
For FCPO, market closed mixed with nearbys higher but forwards lower. News of
zero CPO export duty for September and October encouraged buying
especially in the September and October positions. Higher CBT soyoil and
China Dalian futures were also supportive. Concerns over higher
production and increasing stocks in the coming months capped gains while
prompting selling on rallies. Weekend profit taking added pressure.
Prices were 11 higher to 23 lower in the morning and 7 higher to 35
lower in the afternoon.
Sentiment was lifted by the prospect of better export demand with
announcement of zero export duty, which may extend to December. Together
with the current relatively low price, some rebound from the sharp drop
the past one month will not be surprising. However, the market is
entering the high production months in August - October, and together
with expectations of record high US soyabean crop, fundamentals are
negative. MPOB data for August and the export numbers will be followed
next week.
Technical view - prices moved into consolidation within a 2050 - 1915 range. Trend down ; RSI 38.53 ; parabolic triggered a "buy"
signal at 2034 ; support 1950 / 1914 / 1850 ; resistance 2050 / 2100 /
2163 ; open interest increasing.
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