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 profits and put a stop 5 points away from your entry point. Close your position by the end of the day.
As for FCPO, market rose for the 3rd consecutive day to its highest level since 13 March. Buying was encouraged by prospects of Indonesia imposing export levy on CPO which may shift more demand to Malaysia. Strong gains in crude mineral oil also underpinned sentiment. Technical buy stops as prices broke above 2220 and short covering added support. Gains were capped by stronger ringgit, which rose about 1 pct vs USD. Prices gapped 6 to 20 higher in the morning and extended gains to 59 higher in the afternoon.
It was all bullish sentiment on prospects of better demand. There were reports of low palm oil stocks in China and forecast for increased demand from India. However, there is not much change in current fundamentals. The record South American soyabean crop may check the upside.
Technical view - prices broke up from consolidation. An effective break above 2250 may carry prices to 2300. Trend up ; RSI 53.04 ; macd intersected trigger line from below ; 5-day MA intersected 20-day MA from below ; support 2190 / 2145 / 2100 / 2080 / 2050 ; resistance 2280 / 2320 / 2400.
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