Friday, March 22, 2013

March 21 - FKLI & FCPO

Hi All.

Just got back from outside...
Still did a quick analysis on the local futures, to record down some potential significant changes in the sentiment on both instruments today.

On FKLI

After days of consolidation within converging lines, in what seems like an ascending triangle, or maybe a flag, late trading today saw price seems to have broken down below the congestion area (I'm not sure what form it is, yet...:p), closing on the weak support of 1,623.

We'll see if tomorrow we can see some continuation of the downward movement, to confirm a breakout.
Short on first retracement shall the downward movement is confirmed.
This may well be the start towards the 1,587 support, as illustrated by the hand-drafted wave counts in my previous post.

FKLI - Potential end to current rebound from 1,608 low? (Mar21)

>>>

On FCPO

It did a wonderful reversal right near the Wave1 low of 2,476 (intraday high 2,477), closed in a Shooting Star. Its a bearish signal, especially so as we are at a rebound high within a primary downtrend on CPO.

Look forward to a potential Evening Star formation, by a opening gap down tomorrow & a close below the mid of Mar19 candle body....Just a gut feeling that it may turn out that way...:)

FCPO - Wave4 probably ended at 2,477, Shooting Star signals reversal (Mar 21)


 >>>

Jobless claims rise in earlier reported data by US Labor Department, sending DOW on a decline of +- 50pts, as of now. (DOW has recouped some of its near 100pts losses in early hours of trading....)


Okay.
Gotta grab some sleep...zzZZzzzZZzz.....
Have a good night everyone.
Happy Hunting for tomorrow!! :)


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