Tuesday, March 12, 2013

Mar 12 - FKLI, FCPO & SoyOil

Hi All.

Today saw FKLI reversed a large part of yesterday's rise. 

Price gap up slightly at open & reached a day high of 1,668.5 before collapsing all the way down to a low of 1,652. Price barely recover & close near day low at 1,653. 
The day closed on a bearish Dark Cloud Cover candle.

Well, just saw my profit from yesterday's long green nearly all wiped off. Which is why, Swing Traders must have a strong heart, seeing their account expanding & shrinking with each day's price movement....Especially when it's shrinking....:p

Technically speaking, a dark cloud cover is indeed one of the most bearish candlestick pattern one can named.
Anyway, I'm going to take today's close with a pinch of salt....Seeing that the candle sits right above the daily uptrend line.
In fact, from another perspective, today's closing makes for an excellent LONG entry, especially for those who are still sidelined or regretting missing the rebound party.

From whichever side you are seeing it, waiting is inevitable....
We'll have to see whether the uptrend line shall holds tomorrow, which will decide if today's decline is the start of a temporary reversal, or was it merely a result of profit-taking plus some latecomers panic selling.
That we shall see tomorrow. In the meantime, I keep my faith in the 3-week-old uptrend line supporting the rebound from 1,593.

FKLI - Dark cloud cover, but still on uptrend line (Mar 12)

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CPO saw some of its recent climb from 2,367 low reversed also today.

Price finally breakout from previously anaemic rise in an overhanging ascending flat after the late Mar07 breakout from 2,390-2,410 congestion area.
Price open gap down & fall throughout the day until it hits the breakout level of about 2,400-2,410, which has now turned a strong ST support.

With the long-awaited Feb MPOB industry data out, we are back purely to technical-trading.
The 2,400-2,410 support level has been tested several times & proven strong.
With momentum indicators near their middle/lower levels, chances of bouncing off the support from here is pretty, provided there's no significant gap down at tomorrow's open.

Similar to FKLI technical layout, with an underlying short-term uptrend, while price retrace back onto the ST trendline after prior day's rise, closing in a bearish tone.
Both requires a confirmation tomorrow to give a clearer direction for the trading week.

For me, I'm keeping a cautiously bullish stand for both FKLI & CPO, watching the respective key support levels like a hawk.

FCPO - Ascending Flat breakdown, Support @2,400 holds (Mar 12)

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SoyOil failed to bring any leads to CPO price, as it's also moving in a directionless manner, oscillating within the 50.05-50.35 range.
Price hovers above the daily ST downtrend line, which seems holding, though price have yet to bounce off it.

Also need some waiting & confirmation work here for SoyOil.

SoyOil - Sideway Consolidation Range 50.05-50.35 (Mar 12)

The earlier oomph from yesterday's strong momentum on both FKLI & FCPO fades away...My trading week again reversed back into pending mode.

Wishing for some exciting strong trends ahead.....~*~*...*~*~
Happy Hunting!! :)


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