FKLI will likely open higher today, for the first trade, 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 yesterday after trading on either sides of the previous day's close. Selling was prompted by ideas of slow demand and prospects of February production being unchanged vs January. Firmer ringgit and easier crude mineral oil also undermined sentiment. There was support early following higher CBT soyoil and a steady cash market. Prices were 12 lower to 19 igher in the morning and 19 higher to 15 lower in the afternoon.
Fresh factors are lacking. The low exports reported by the cargo surveyors, although within expectations, point to continuing slow export demand. Quiet cash market and weakness in crude mineral oil added to the negative outlook. However, supply will also remain low with generally lower production in the first half of the year. Lesser exports from Indonesia following the prospects of increased use for fuel is also positive.
Technical view - the lower close after prices pulled up from the sharp break downwards kept indicators negative. Prices may move to 2200. Trend down ; RSI 47.48 ; 5-day MA intersected support 2216 / 2148 / 2100 ; resistance 2320 / 2355 / 2395.
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