Today was a strong movement in the FKLI market but in FCPO, trades were tepid as traders and investors waited for fresh cues and tomorrows export data from SGS and ITS. FKLI which is dependant on KLCI and KLCI was boosted by plantation counters especially KLK. But even fund managers are in a twilight zone on why only today plantation stocks made a strong boost.
FCPO on the other hand had tepid trade and investors/traders were mostly sidelined adopting a "see-first" view. In addition that the Ringgit gained on the greenback today, pressured the CPO prices further. Soy oil too did not help in pushing the CPO prices up as they are sliding down even as i write this.
Now for the technical side:
FKLI
FCPO on the other hand had tepid trade and investors/traders were mostly sidelined adopting a "see-first" view. In addition that the Ringgit gained on the greenback today, pressured the CPO prices further. Soy oil too did not help in pushing the CPO prices up as they are sliding down even as i write this.
Now for the technical side:
FKLI
A strong push in today's movement past 1800 and closed at 1809 showing that the bulls have . returned and is poised to test 1827 in the coming days trades. Stochastics show a very bullish move since 15th Nov 2013 and MACD-H also a shortening upwards. MACD lines have not crossed yet so there is still some uncertainty on the bulls. However, today's boost made today's candle sit above all 12, 22 and 32 EMA showing that bulls are back in control. However, it is near year end and there may be some window dressing activities that may come. Hence, FKLI could be supported and poised to rise further. 1815 would be the next target and has to be broken only it can push further heights.
FCPO
FCPO on the other hand isn't so perky. After many days of rise, it's taking a break now. A double top resistance can be seen at 2630 hampering prices from rising any further than that. MACD lines has crossed down slightly and also MACD-H had ticked down to 0 line but not yet negative region. Stochastics showing a lower high indicating that the bull movement will retrace further and also with stochastic showing a cross down making it less appetite for bulls. Today's movement was tepid as traders/investors are waiting for tomorrow's (20th Nov 2013) export data. However, EMA's are still showing that bull movement may still be imminent but not for now. Especially with Soy bean oil dropping below 40 as we speak now and also the strengthening of the Ringgit. The furthest retracement that FCPO could go to would be 2506. However, anything breaching 2500 would be imminent downtrend from there. 2530 is probably the next target if FCPO opens with a gap down tomorrow.
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