Hi all.
Missed my daily analysis the past two days, had row of dinners to attend last few nights.
So, I gotta squeeze out some time to make quick comments on the FKLI & FCPO today, a quick update for my readers. :)
I have made clear my observations on the inset comments on the charts, more words squeezed into the chart than it usually does... LOL... :D
Basically, the FKLI is stuck within a 2-day old consolidation range, after strong bullish days sent the index futures rebounding up from latest pivot low of 1,593.
We shall wait for a decisive breakout from the range, up- or downside, to determine our next big trade. In the mean time, day traders may do some ST swing trades within the range bottom & high.
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| FKLI - Consolidate after bullish rebound from 1,593 low (Feb 27) |
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On FCPO, price has helplessly fall out of the daily uptrend channel since Monday opening gap down.
The drop sustained for the 3rd straight day today, though we see some intraday respite from the Bull's Camp.
Bears are facing some significant support levels right now, which may hinder further drop in price from here.
We may see temporary rebound happening soon but this week's drop has officially change the near-term sentiment from bullish to bearish.
For the coming week(s), I expect price to rebound, hit resistance, & turn down to form lower low (than the current low of 2,400-2,410), testing the MT strong support of 2,210-30 again.
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| FCPO - A helpless 'Fall-out' from daily up-channel (Feb 27) |
Till then!
Happy Hunting!! :)
(Feb 28) - Midday FKLI
ReplyDeleteHi all.
FKLI had a breakout today. Proving my 'triangle theory' wrong.
That's fine.
Now what I will do is look for a pullback to go long.
The breakout seems rather strong as price did not even go back to retest the breakout point of 1,620-21, just a mere touch at 1,623 & reverse up again (as of midday close).
Expect today to close in a long green following the breakout.
Immediate target for March'13 contract is 1,630-35.
Let's climb the 'snake ladder' up peeps!!
Happy Hunting!! :)