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, prices retraced lower yesterday led by lower CBT soyoil / soybean and Dalian futures. Higher production estimates by Southern POMA for 1-15 May reinforced expectations that we will be seeing higher production and higher stocks in May. Prices were 8 to 19 lower in the morning and were rangebound in the afternoon, trading from unchanged to 8 lower.
Market remains weighed down by prospect of higher production in coming months. Although exports are expected to be good with the upcoming Ramadan as well as increase demand from India and China, stocks may still increase if demand cannot outstrip supply. Furthermore, bumper soybean harvest is currently coming out of South America. However, prospect of El Nino weather causing damage is negating some of the bearishness.
Technical view - prices retracing. Positive indicators remain intact. Ringgit ~ 3.5680 / 3.5700 vs USD. Trend up ; RSI 51.86 ; parabolic SAR at 2137 ; support 2160 / 2110 / 2070 ; resistance 2235 / 2270 / 2320. Interested to trade our markets or want to know more? Please drop me a message and I can start guiding you on how to trade right away.
In other news...
🇺🇸 U.S. stocks pushed modestly higher, lifting the Dow industrials and the S&P 500 index to new highs. The gains came on relatively light volume. Traders attributed the light activity to the wind-down of the first-quarter earnings season and a dearth of market-moving economic news.
💵 The dollar rose to its biggest one-day gain in two months against the euro, reversing some of last week’s losses amid increased investor concerns about Greece’s ability to pay its mounting debts.
🇺🇸 The Fed is scheduled on Wednesday to release the minutes of its interest-rate policy meeting in April. The next policy meeting is due in June.
€ European stocks closed positive as Greek and broader European stocks turned higher on reports that Greece was being "more constructive" in talks, according to Reuters.
📝 Tomorrow, ECB review of Greece and whether the ECB decides to increase the haircut on Greek bank collateral and blow a hole in Greek banks’ funding ability.
⛽ Oil prices edged lower after Saudi Arabia posted its highest level of monthly exports in nearly 10 years and an Iranian official said OPEC would likely decide to keep production steady at its meeting next month. Also, stronger dollar discouraged foreign buyers and data from a private forecasting agency that showed U.S. oil inventories fell less than expected last week.
⛽ Oil prices firmed at the early session as Islamic State militants said they had seized control of the key city of Ramadi in western Iraq, raising fears of deeper turmoil in the oil-producing country.
👑 Gold hit three-month highs as a run of soft U.S. data supported expectations that the Federal Reserve will hold off hiking interest rates for the time being.
🇨🇳 China Apr new home prices fell in 47 of the 70 cities tracked by the National Bureau of Statistics, an improvement from declines in 49 cities in Mar.
🇯🇵 Japan's Nikkei Stock Index at a 2-week high as Japan Mar machine orders rose +2.9% m/m and +2.6% y/y, stronger than expectations of +1.5% m/m and -6.0% y/y.
🇯🇵 Today, Japan Q1 GDP report (expected +1.6% (q/q annualized) after Q4’s +1.5%).
🌴FCPO (RM2,182) closed slightly lower in tandem with the lower CBT Soyoil and China Dalian Futures. Higher production estimated by Southern POMA for 1-15 May reinforced expecting that seeing higher productions and higher stocks in May.
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