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 mixed yesterday in an erratic trading session. Nearbys were slightly lower while orwards were slightly higher. Prices did more than a full circle with better support late in the session. Market was lower most of the session following easier CBT soyoil and higher than expected 1-20 April production reported by MPOA. However, a relatively steady China Dalian futures and weaker ringgit held losses. Prices were 1 higher to 19 lower in the morning and 24 lower to 3 higher in the afternoon.
Sentiment is mixed at present. Increasing production in the coming months and weakness in CBT soyabean and soyoil are negative. Slower Chinese economic growth is also negative but will be balanced by stimulus measures. The export levy on CPO by Indonesia, when implemented, and the prospect of increasing demand from India and China are positive.
Technical view - prices continued to hold the sideway trading range of 2100 - 2200. Trend sideways ; RSI 46.36 ; parabolic SAR at 2196 ; support 2130 / 2100 / 2080 / 2050 ; resistance 2205 / 2250 / 2280.
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