~~*~* Happy Chinese New Year 2013 !! Gong Hey Fatt Choy !! *~*~~
It's 4th day of CNY, I monitor the market as usual because we are actually at quite a critical price level currently. A make or a break will determine the next mid-term trend, either an up or a down one.
This morning saw a swift break of the past week downtrend line, at the opening gap of 1,626.5 level, which subsequently trigger up to 1,640 & quickly reversed back down to opening level, & lower.
Since tested the long-term support of 1,587, price has saw a strong recovery back up to above 1,600 level, forming an uptrend line that has supported the rebound the past 2-3 trading days.
As of writing, the current day low is at 1,622.5, right above that short-term uptrend line from 1,587 low.
To invalidate the morning gap up bullishness, price will have to close in red, preferably below the 1,620-25 important support level to continue previous downtrend from 1,705 peak.
We will see to that.
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| FKLI - Opening gap, temporary break of short-term downtrend line (Feb 13) |
In the mean time, enjoy the CNY celebration & it doesn't hurt if you even make some angpau money as the market open to the new Snake Year of 2013!!
Happy CNY!! Huat arr!! :D
Feb 13
ReplyDeleteFKLI closed at 1,627.5, near day's open.
No obvious winner for today.
But on the short-term, the bulls prevails, having managed to push price back up to close above the uptrend line extended from 1,587 low.
Again, we are looking at a temporary rebound in a primary downtrend.
Forming what currently looks like another triangle.
We will again be counting down to the day a breakout occurs, just like the one saw on Feb 06.
Got an angpau from the market today.
Ye@h!! Happy CNY!!