Trading Tips for the Day - 18 May 2015

FKLI will likely open a little higher, 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 Friday after choppy trading on either sides of the previous day's close. Selling was tied to lack of bullish conviction as traders discount the very good 1-15 May exports as already expected. Weekend profit taking added weight. Firmer ringgit and easier crude mineral oil were also negative. There was light support from firmer CBT soyoil and China Dalian futures.

Prices were 12 higher to 10 lower in the morning and 11 higher to 24 lower in the afternoon. Prompt May went off board without trading. Generally, sentiment is negative on ideas that production is seasonally higher in the coming months and there is bumper soyabean supply. However, good exports are likely to continue in the coming weeks especially with festive demand for the upcoming Ramadan. Prospects of China and India replenishing existing low stocks is also supportive. Weather remains the key factor in the coming months with eyes on Indian monsoon and the situation of the US soyabean crop currently being planted.

Technical view - there is no change in the positive indicators. Good support seen at 2150.  Trend up ; RSI 52.99 ; support 2160 / 2110 / 2070 ; resistance 2235 / 2270 / 2320.

Ringgit ~ 3.5630 / 3.5650 vs USD.  For more news please go to http://jaceonmarkets.blogspot.com

In other news...

🇺🇸 U.S. stocks closed narrowly mixed in choppy trade on Friday, as disappointing data weighed on investor sentiment amid dollar declines and lower bond yields. 
* University of Michigan's consumer sentiment report came in at 88.6, the lowest in 7 months. 
* Empire Manufacturing data showed a reading of 3.09, below expectations of 5 but above last month's negative figure.
* industrial production fell 0.3%in April, the fifth straight month of declines as reduced mining and utilities output weighed, Reuters said.

€ European equities finished lower, having fluctuated for much of the session on Friday following weak U.S. data and strength in the euro.

🇨🇳 China's Shanghai Composite index closed down 1.6%, despite the country's securities regulator's attempt to calm market jitters regarding new share listings.

🇨🇳 China Apr foreign direct investment rose +10.5% y/y, stronger than expectations of +2.0% y/y.

🇭🇰 Hang Seng index widened gains in the afternoon session to close up 2% ahead of the city's first-quarter growth figures.

🇯🇵 Japanese stocks closed higher as the yen fell against the dollar on speculation the BOJ may add to stimulus to stave off deflation pressures after Japan Apr producer prices fell -2.1% y/y, the most in 2-3/4 years.

⛽ Oil fell earlier on Friday as renewed worries of a supply glut weighed on a market that traders fear is overpriced after a recent rally. However, Oil prices held steady after oilfield services firm Baker Hughes reported drillers took the fewest rigs out of U.S. oilfields since December, suggesting the collapse in drilling may be coming to an end as prices recover after falling 60 percent from June to March.

👑 Gold futures closed up modestly on Friday, logging their biggest weekly gain since mid-January as soft U.S. consumer sentiment data weighed on the dollar and further diminished expectations for a near-term rise in U.S. interest rates. Now, $1,222.15.

🌴 FCPO closed lower after choppy session. Selling was tied to lack of conviction as traders discounted a very good 1-15 May exports. Generally, sentiment is negative on ideas that productions are seasonally high for the coming months and there is a bumper soybean supply. Technical sentiment still remain positive. Good support seen at 2150.