FKLI will likely open lower today, for the first trade, one can attempt to Short 1-3 points above 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 slightly lower Friday in a half day trading session. Selling followed sharp drop in CBT soyoil and lower China Dalian futures. Weak crude mineral oil also undermined sentiment. Losses were however held by some covering for the weekend Hari Raya holidays. Prices eroded to 23 lower early but recovered to 3 higher before closing lower.
It was mostly position squaring due to the holidays through the weekend. There are no fresh fundamentals. The Indonesian export levy and improved export pace for 1-15 July are supportive. Increasing production, better weather in the US for the soyabean crop, and weakness in crude mineral oil are negative.
Technical view - prices continue to hold the sideway trading range of 2150 - 2250. Trend down ; RSI 42.77 ; support 2130 / 2070 / 2000 ; resistance 2250 / 2285 / 2300.
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