FKLI will likely open slightly lower, 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, market closed lower again yesterday after another heavy trading session within the previous day's range. Selling followed easier CBT soyoil and sharply lower China Dalian futures. Lower crude mineral oil also undermined sentiment. Rumours of low 1-15 January exports were discounted as within expectations. Losses were however, held by reports of rain and floods in East Malaysia which will deplete production further in January. Prices were 4 to 25 lower in the morning and 20 lower to 1 higher in the afternoon.
Sentiment is leaning more towards the forecast of lower production and stocks in January, especially with floods now shifting to East Malaysia. Weaker ringgit is also supportive. However, gains will be capped by weakness in CBT soyoil, in light of the record high US and South American soyabean crop, and crude mineral oil. Meanwhile, the 1-15 January exports to be reported by the cargo surveyors tomorrow were rumoured to be poor but is not expected to have much effect.
Technical view - prices continue to consolidate on the last few days' gains. Indicators remain positive. Trend up ; RSI 63.99 ; parabolic SAR at 2324 ; support 2310 / 2237 / 2200 / 2150 ; resistance 2385 / 2435 / 2510.
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