Thursday, February 21, 2013

Feb 20 - FKLI, FCPO & SoyOil

Hi all.

FKLI did saw bulls gaining some strength with a close on Hammer, albeit closing in red, just a tick below yesterday's 1,607.5 close.

Tomorrow may see a spill over of the Hammer effect, expect slight rebound, which may still be hindered by the short-term downtrend line from 1,705 peak.

Including today's, there's been a 6th consecutive similar range candles traveling within a tight descending flat. The setup is of striking similarity with the one saw near the peak mid-Jan.
This can't help but excites me a lot, as we now know what happened after that, the dreaded Jan21 plunge.

History to repeat itself?
After all, TA is all about historical data analysis.....:D
We'll see.

FKLI - Formed Hammer, Slight rebound ahead (Feb 20)

>>>

On CPO, bullish sentiment dented a little on weaker than expected Feb1-20 export figures.

On the short-term, there's weakness in the bullishness, as today's slight pullback had gone beyond yesterday's low, despite a higher high formed earlier after the open.
Bears seemed to have took over the control after the data release.

However, on a mid-to-long term view, the uptrend is still intact. Still, bulls have to take out the immediate resistance level overhead at 2,590-2,600 as soon as possible, to keep the bullish sentiment in place.

Earlier in the evening saw a ST bullish flag breakout on SoyOil, which helped lifted CPO price, before bears push price down again to the day's lower close at 2,561.

Same case for SoyOil, temporary weakness (earlier flag breakout failed at 2300h), but the mid-term bullishness is still intact.

FCPO - Slight pullback, bears gaining strength (Feb 20)

SoyOil - Flag Breakout failed, Price testing ST uptrend line (Feb 20)

Till then!
Happy Hunting!! :)



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