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, mrket closed sharply higher yesterday after trading within the previous day's range. Buying was encouraged by the higher than expected 1-10 November exports and prospects of lower production through February. Higher close in China Dalian futures, e-CBT soyoil and crude mineral oil also underpinned sentiment. Technical correction from the oversold stochastic added support. Gains were however, checked by firmer ringgit which rose about 0.5 pct vs USD. Prices were 1 to 18 higher in the morning and 5 to 45 higher in the afternoon.
MPOB data for October was neutral to slightly negative but was discounted. More emphasis is turning towards the prospect of seasonal declining production and stocks in the coming months. This was enhanced by the relatively good 1-10 November exports. Likelihood of heavy rain and floodings will also be supportive. Market outlook is more positive for the coming months.
Technical view - prices correcting from the oversold stochastic. Ability of prices to hold above 2200 will be positive. Trend s/t down ; RSI 54.43 ; stochastic oversold ; support 2193 / 2165 / 2100 ; resistance 2250 / 2300 / 2345 / 2400.
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