FKLI will likely open a little 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 day.
As for FCPO, market closed lower today after choppy trading session. Better sellers came at close. Selling was tied to bearish sentiment following the very weak crude mineral oil. Concerns over global economic growth, amid broadly lower Asian equities markets today, also undermined sentiment.
Market rose in early trading with support from higher CBT soyoil. Export numbers for 1-15 December were within estimates and did not have much effect. Prices were 17 higher to 17 lower in the morning and were 12 higher to 9 lower in the afternoon. There were no fresh factors. Market remained generally sideways. Weak crude mineral oil will affect demand from the biodiesel and fuel sectors. Lower production in the coming months usually provides seasonal support as stocks deplete. Fresh developments are needed for market to break out from current sideway range.
Technical view - prices are holding within the sideway trading range of 2100 - 2200 with a slightly positive bias. Trend sideways ; RSI 46.90 ; support 2140 / 2100 / 2083 / 2064 ; resistance 2216 / 2250 / 2286.
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