Tuesday, April 30, 2013

April 29 - FKLI & FCPO

Hi All.

A quick post to summarize past week's movement on FKLI & FCPO.

FKLI (Daily)

Past week close below 1,700 for consecutive two days appeared to be a false alarm. Price quickly reverse after it & continued upward, overcame 1,710 resistance & subsequently made a new high at 1,720.5.

Today saw an inside bar formed, we shall see which direction it will breakout to tomorrow.
In the mean time, I'll watch the uptrend line extending from previous significant low of 1,585 closely, as its violation may bring about a furious plunge, as those seen in Nov'12 & Jan'13.

FKLI - Look Toppish, Watch for Violation of Up-TL from 1,585 low (April 29)
>>>

FKLI (Monthly, Long-term view)

FKLI has been stuck sideways within the 1,600-1,700 range for 7-8mths since early Sept'12.

I put up a 10yr chart on our index futures & marked out major trends defining the past decade of FKLI history.
Notice how congestion areas (shaded in magenta) near significant tops (then all-time highs) has shown tendency of signalling prominent trend change ahead.

Also, notice that the climb from Sept'11 low of 1,295 to current height above 1,700, it forms a rising wedge pattern.
In fact, the whole post-subprime bull run, from 800 low to current, is itself a huge long-term rising wedge, where the top of it passes through subsequent all-time highs of 1,535 (yr 2008), 1,580 & 1,597 (yr 2011), and the latest 1,705 & 1,720 (2013).

Wedge patterns, or ending-diagonals as regarded by Elliotticians, are often found at end of motive cycle (Wave 5 or Wave C; in upward & downward moves), especially those where the Wave3 has risen too fast & too far (i.e. extended waves).

We now have a coiled-Ending diagonal (the best way to describe it that I can think of...lol), one within another, on two different degrees (Cycle & Primary) of the Elliott Wave hierarchy.
In plain terms, we are near end of the post-subprime bull run, which at the same time, represent the end of a Super-Bull market which could well backdate to the post-Asian-financial-crisis low of 265 (Sept'98).

FKLI - Coiled-ending diagonals?! Potential end to post-'08 bull run (April 29)
 >>>

FCPO (Daily)

From previous low of 2,250, price rebounded strongly back to 2,305-2,315 area. Later, it broke above the 2,315 resistance & rise swiftly to cover the 2,325-2,335 gap (Apr15).

However, Bulls hesitated at 2,334 high, Bears thus confidently stepped in & press price back down to 2,315.
Today, Bears took it another level down to below 2,300 & 2,280 support, touch intraday low of 2,260, below short-coverings brought price back up to close at 2,277. A long red formed on the daily.

The 2,250-60 support band may continue to hold, as a pin bar formed on the 2,260 level as sellers cover their positions in last-minutes of trading.
Shall it fails to hold, we shall see accelerate drop to find the major support band at 2,220-30, eventually.

FCPO - Rebound stopped below 2,335 resistance level (April 29)

>>>

I shall update on GOLD in my next post, within this week.
In the mean time, I'll come back to FKLI & FCPO after 050513 GE13 Polling Day.

Drive safe, as you head home to vote.
Needless to say, we know which coalition we are voting for...If you're still not sure (for some real weird reason :p), just take a tour around FB & you'll no doubt be darn clear where you'll 'X' on that ballot paper on May05.

See ya'all after The Change!
Ini Kalilah!! :)



Tuesday, April 23, 2013

April 23 - FKLI @ Midday Break (Potential Breakdown from Consolidation Range)

Hi All.


A quick one on FKLI. 
This morning saw a breakdown of price below the hourly uptrend line, which has been supporting the rally from 1,608 low.
Also, price is now below the consolidation bottom support around 1,696. Notice that at current close of 1,694 at midday break, daily MACD is undergoing a bearish crossover, we shall see a confirmation once we get a lower close for today.


I'm waiting for a retest of the hourly uptrend line from below/1st retracement high to enter short.

FKLI - Hourly Uptrend line breakdown, Below 1,696 consolidation bottom support.



Happy Hunting!! :)



April 22 - FKLI, FCPO & Gold

Hi All.

A brief update on the market as April Week4 starts.

On FKLI

Consolidation between 1,696-1,707 still persist, albeit a low close today below the 1,700 mark.
The tepid volume indicates traders staying to the sideline as the GE13 Election Day looms.

Last week's analysis still largely intact. 
A breakout from either the consolidation top of 1,707-1,710 to confirm near-term upside to retest the all-time high of 1,719; or breakdown of the consolidation bottom of 1,690-96 to find further support at 1,680-85 & fibo strong support at 1,660-65.

FKLI - Remain in Consolidation, Traders Sidelined ahead of GE13 (April 22)
~* Note: Typo in the title has been corrected, wrongly stated the resistance band as 1,505-08 instead of 1,705-08. Thanks to Auntie for her kind alert. :) *~
(@ April 23, 1320hr)
>>>

On FCPO

Downtrend resumes again today, after price gapped down at open & subsequently close near day low at 2,256, firmly below past week's consolidation bottom of 2,260-70.

Repeating my target of 2,220-30, which has gotten much closer following today's downward movement. 
Since this is just the Wave III counting down from 2,593 latest pivot high, we might well see a breakdown of the major 2,210-20 support, eventually.
Nonetheless, we will have to first see a counter-rally after the current downswing is completed, before a mojor breakdown to below 2,210 mark.

Today saw the release of April 1-20 export estimates by ITS & SGS, compiled below:
Malaysia April 1-20 Palm Oil Exports 864,206 Tons, Down 6.4% - SGS
Malaysia April 1-20 Palm Oil Exports 882,469 Tons, Down 4.9% on Month - Intertek

Exports is down again for the first 20days of April. This is bad news for CPO price as production starts entering a cyclical high period from April to end-June.
Export has to pick up to offset the possible rise in production, so we can see the record stockpile eases further by month-end.
Well, now it seems pretty far-fetch with the slowing export demand as estimated. Let's see how well the export demand can go in the remaining a week or so, before we close Apr'13.

FCPO - Downtrend Resumes again, after past week's flat consolidation (April 22)

>>>

On a side note, GOLD has indeed rebounded from 1,320-40 support band & has just hit a high of 1,438.35 in the evening.
A weak open on the Dow sent price down slightly, hovering around 1,420-27 level, as of writing.

As discussed in my previous post, written in the wake of the historic Gold Plunge through Apr12-15, price may rebound from 1,320 low to retrace part of the drop.

Taking the high of 1,440, price has since recovered about 50% of the 250+pts plunge early last week.
Also, 1,440 level is one of the hurdle to be crossed for further rebound, next level to overcome being the 1,480-1,500 psychological mark.
As of writing, price seems to be resisted by the 1,440 level, now pulling back from it. Buyers may come in near support levels of 1,420 | 1,400 | 1,360-80. Healthy pullback for the rebound shall not see price re-visit levels below 1,340-60.


GOLD - Rebound from 1,320-40; Hit Ceiling of 1,440 currently (April 22)

That's all for the day.
Working towards my month-end target!
Happy Hunting to all !! :)



Wednesday, April 17, 2013

April 17 - FKLI, FCPO & Joining the Gold Fever

Hi All.

Haven't been posting on the market for a few days dy...:p

Since I last post, 

- FKLI hit a new high of 1,719 following the bullish pennant breakout. Still, it fall short of the 
  initial target of 1,740-50. 
- We'll see if the current pullback is mere temporary weakness, or we have actually topped at 1,719 
  high. Technical internals are siding the 1,719 top theory for the moment.
- Today saw a close in a nice little Shooting Star, hovering right over yesterday's long white. A lower 
  close (preferably after a lower open), shall confirm the pattern's nature as a reversal signal.
- Bulls need to bring price back above 1,710-20 level to continue the rally.
  Bears need to close price lower tomorrow, & preferably take out the 1,680-85 support asap to 
  secure their control over near term price direction.
 
FKLI - Shooting Star...Topped at 1,719? (April 17)
>>>

- FCPO broke below the strong 2,335 support level by starting the week with a breakaway gap.
- It then continued firmly south to 2,280 support level. Yesterday saw price bouncing between 
  2,280-2,310 range. 
- Today, tight consolidation most part of the day, before a decisive breakdown from the congestion 
  area in late trading. Price fall to 2,270 minor support in a hurry, before closing slightly higher at 
  2,274.
- We may see respite from the bulls in early trading tomorrow, as suggested by slight divergence on 
  the momentum. Watch 2,280 | 2,300-15 resistance. If not broken, we shall continue selling on 
  strength towards the fibo target of 2,230 crucial support.

FCPO - Bear Flag breakdown, Wave(v) in progress towards 2,230 (April 17)
 >>>

 Last but not least, can't help but to join the latest hype in town.

The GOLD Fever !!

The precious metal shed nearly $300/ounce off its 'preciousness' within two trading session.
Initially, I believe its merely technical selling upon breakdown of the major 1,530-50 support band, following a weak China CPI data & >250pts plunge on the Dow.
Later, selling gathered steam, probably due to the hype over several other 'news', longer term investors started joining the sell-off.
Price plunge in a flurry of selling, which later turned into margin selling, I believe, leaving price free-falling >$100/ounce for two straight days.

CME decision to hike trading margin brought some relief, we saw price finally managed to find support near 1,320 level & bounces back a little.

A look on the chart revealed that price may have indeed hit a temporary low near 1,320 level, being 161.8% fibo projection target for the downswing from 1,900-1,550.
We might see some technical rebound, probably enhanced by bargain-hunting at low prices, towards 1,420-40 | 1,480-1,500 | 1,530-50 (now turned strong resistance).

Given the importance of the 1,530-50 support previously, price will tend to retest it, confirmed it has turned resistance, before we see further selling.
Hence, despite all the bearish tone we get over the wire, I believe we are in for some counter-rally on Gold in the near term.

We shall see then....:)

GOLD - May see temporary rebound after massive sell-off. (April 17)

Happy Hunting/Mining !! :)



Monday, April 15, 2013

April 15 - The Learning Never Stops Towards a Successful Trading Career

Hi All.

Below is a Q&A thread I took from one of my post comments field.
I'm sharing this out as a post as I figure the content might help with those who are still finding themselves struggling with trade consistency & psychology.
I've been there, done that, & still evolving for better...:)

>>>
~* The Q&A *~
hihi, still have 10 min to go my F1 Grand Prix, drop a fast question
Jeanne, what's trade style you more on? long/short term position or intraday? you must be able to control the emotional and psychological problems before as full time trader, any advice for those want to become full time trader?
Some guys peeping here want to know , they shy to ask, hahahahhaha

F1! Cool! \(^o^)/

I hold swing positions on FKLI (basic income), & day trade CPO (extra pocket money).
This is my current style. When I have grow my account enough as planned, I will change to another 'combo'...lol

The truth is, I was kinda 'forced' to quit my day job earlier than expected (long & sad story), came in short of my initially planned starting capital.
Turned full-time anyway, coz I believe in forcing myself out of comfort zone to achieve higher goals, also I believe I have found my direction in the trading business.

Remember this, traders are not God, we are still humans, i.e. we can get emotional.
I got tricked by the 'news' during the April03 dissolution roller-coaster too. Technical says buy, but I'm too 'convinced' that its gonna be a winner to short on dissolution announcement.

The main takeaway is:
- Learn, Experience, come out with ur own trade setup that can give u an 'edge' against the 
  market.
- When ur setup appears, check the Risk:Reward ratio, if satisfiable, take the trade, DON'T 
  STOP & THINK.
- Then also, do treat each of ur trades EQUALLY. No one trade MUST BE A WINNER
  Start treating ur trades equally, manage ur risk with strict discipline, then u'll find 
  CONSISTENCY in ur trades & also ur PSYCHE.

I actually started off quite sloppily, big fluctuations in wins n losses. Went all haywire with my psyche.
It's the 'no turning back' factor that keep pushing me to 'evolve' for better, keep learning & adapting, especially the risk management & trading psychology part.

At some point, any traders will have equipped themselves with sufficient TA skills. The only thing that differentiate the consistently-winning from the still-struggling group is TRADE MANAGEMENT & PSYCHOLOGY.
Hope this will be of help.
~* The End *~

>>>


I've explored various seminars, programs, talks, congresses, foc & paid, to continue enriching my knowledge & mindset, towards a successful life.

Below, I compiled a few 'starters' which you all may start your very own journey of mind & soul searching from... lol... :)


Learning from the Experts:


T. Harv Eker - Understanding your money blueprint
Get Hardwired For Success

Explore Harv Eker's signature programs:
Millionaire Mind Intensive (3-day course)
National Achievers Congress Malaysia 2013

--- --- ---

Adam Khoo - Going Beyond Your Comfort Zone

One of his many books that bring to our awareness the power of our mind, & how we can maximize our own mental resources to achieve what we want in life through simple NLP techniques.
Adam Khoo - Master Your Mind, Design Your Destiny

--- --- ---

YouTube Videos on Trading

~ Trading Psychology - Lesson 6 - Pulling The Trigger

~ Before Trading for a Living - Is Swing Trading For A Living Possible?

~ A short vid from a true trader, sharing his experience on the harsh reality of what happens when
   you have a bad day when trading and how to recover.
   Quoting him: "Self-honesty & self-reflection is huge in this business." ....Very true indeed!
   Day Trading Advice: Recovering From A Bad Day

>>>

There's so many free resources to learn from in amid the digital information boom era, its just a matter of whether you WANT to learn, or you don't.


Happy Learning!! 

Came a long way, & still learning....
~*Je@nne*~



Wednesday, April 10, 2013

April 10 - FKLI, FCPO & DJI

Hi All.

A quick one on today's FKLI & FCPO, as both has got some pretty crucial development during today's trading.

>>>

On FKLI

- Pennant breakout to the upside.
- Projection target indicates potential new high for FKLI.
- Resumption of previous rally, sentiment is strongly bullish.
- Watch if the 1,705 peak is gonna hold the bulls for a while.

Resistance @ 1,705 | round numbers/intervals of 10 - 1,710...1,720...etc.
Support @ 1,690-95 | 1,680-85 | 1,675 | 1,665

FKLI - Pennant BO Upside. Very Bullish. Potential New High in the making. (April 10)
I personally cant imagine FKLI at 1,750...lol...
Nonetheless, if the 1,705 peak is to be overtaken, 1,750 will be pretty realistic a target.

>>>

CPO on the other hand, is on the downside today.
Price got a short-lived spike after today's seemingly bullish MPOB March'13 data.
However, price succumbed to furious selling that saw an afternoon drop from 2,416 high all the way back down to close at 2,370 day low.
Price is now convincingly below the ST uptrend line supporting the rebound from 2,335-2,419.
Hence, a confirmation of the end of the rebound at 2,419 high, followed by a resume of the previous downswing from 2,505 high in Wave 3(v).

Support @ 2,325-35 | 2,300 | 2,220-30
Resistance @ 2,390-2,400 | 2,420

FCPO - Price dropped below ST uptrend line. Bearish. Downtrend resumed. (April 10)

>>>

Dow closed at another new high of 14,673. Coming closer to my fibo projection of 15,000-15,100 level. Technical wise, DJI will continue its bullishness, unless we have a surprise from the FOMC Minute tonight, or disappointing earnings from heavy-weight Dow components.

Note: There's a USDA Report coming out tonight at 1200 EST.
          FOMC Minute due at 1400 EST.

Till then.
Happy Hunting!! :)
Prepare to vote @ 050513!!



April 10 - MPOB March'13 Inventory & Export Data


Malaysia March CPO Output 1.33 Mln Tons; Up 2.2% on Month -MPOB


Malaysia’s March Palm Oil Exports 1.54 Mln Tons, Up 10% on Month -MPOB
Malaysia End-March Palm Oil Stocks Fall 11% to 2.17 Mln Tons -MPOB

>>>

Note that production didn't exactly came down in March. 
Increase in export demand seems pretty encouraging though, enough to offset the flattish rather than slowing down output, easing the end-March stockpile by 11%.

Early April (Apr 1-10)export estimates by ITS also show slight pick up in demand to 456,440 ton, up 3.5% mom.
 

Tuesday, April 9, 2013

April 09 - FKLI, FCPO & SoyOil

Hi All.

Another boring tight range day on FKLI, with its seemingly never-ending consolidation....Oh wait, maybe it does have an end to it, & it may happen as soon as tomorrow?!

Well, I didn't say that because I like it...haha...
Its the chart telling me that the consolidation after the Apr03 super-dragonfly may well be coming to an end. The clue lies in the Pennant pattern formed on the daily.

After about a week of consolidation, the daily candles has been squeezing towards the apex of the pennant. Today's candle took up the last few inches of space right near to the apex.
Finally, there's no more space to squeeze into anymore....by hook or by crook, the next candle has to break itself out of the pennant, upside or downside....& that will be our long-awaited breakout... 
...Describing an imminent breakout, in the most layman terms....LMFO...(>_<)

Alright...back to professional terms...

I'm anticipating a strong breakout from the pennant, most probably to the downside (I'm bearish bias), as signaled by the weakness shown on lower time-frames.
However, if we see it from the pattern's characteristics, Pennants mostly leads to trend continuation, less so as reversals. So, we'll have to keep that in mind, & also prepared for a possible upside breakout to continue previous strong rally.
Either way, it will be a big move, as the 'pole' or previous movement leading into the pennant was nothing but the staggering 60pt-range Apr03 candle...hohoho...:p...
All analysis aside, let's see what Mr. Market will have for us in store tomorrow ya....

FKLI - Beautiful PENNANT completing. Biased to a downside breakout. (April 09, 2013)

>>>

CPO gapped up to open at 2,418, touch 2,419 day high & consolidated the whole morning session.
Afternoon open saw sellers took over & push price down to 2,392 in a flurry of selling. Further drop to day low of 2,384, before buyers bargain hunt & bring price higher to close at 2,395.

The day's close below the important 2,400 level, together with a failed attempt at the 2,420 resistance, spelled weakness of the rebound, which seemed strong the previous day when price closed high at 2,400.
Lower time-frames has been showing signs of weakness ever since price failed to challenge the 2,420 level after its high open.
Nevertheless, the daily candle still sits nicely above the ST rebound uptrend line, one last hope for the bulls to bring the rebound higher, amid much obvious weaknesses.

FCPO - Rebound stopped below 2,420 resistance (April 09)
>>>

A quick check on SoyOil....

Price has actually V-shaped up from last week's low of 48.30, to current level of 49.50, within 2 trading sessions.
Pretty bullish price movement there, but do note that 49.50 is itself a minor resistance level, besides the overhead 50cents strong barrier.

We'll have to see if overnight action could bring price over the 49.50 resistance, towards 50cents level. If that does happen, we might see CPO bulls come back for a respite tomorrow.
Or, price may also succumb to selling & fall back to 49.00-49.20 support band, or further to find 49cents level.

>>>

Econ events to watch:

MPOB March stocks level & export figures, due out on Apr10 (Wed).
USDA Report, due Apr10(Wed) at 1200EST
FOMC Minute, due Apr10 (Wed) at 1400 EST. 

Till then!
Happy Hunting!! :)



Saturday, April 6, 2013

April 05 - FKLI, DJI, FCPO (Closing April W1)



Hi All.

Closing April Week1....
Time does flies....Just like that, 1Q13 is done & dusted, we have already ended the first week of Q2...
....~*~*~...~*~*~...

FKLI is taking a breather, after its hectic Apr03 dissolution day moves, consolidating between 1,678-88 range with occasional intraday high teasing the 1,690-95 resistance level.
Price still within the daily up-channel, failing to close above 1,690 level after two consecutive test on the daily.
This shows hesitation among bulls near the 1,690 resistance. Eager bears may be enticed to stage a respite on the sign of any weakness, if we do not see a convince break of the level next week.

FKLI - Consolidating below 1,690 resistance, slight downward risk. (April 05)

Pulled out a weekly chart on Dow, after a surprisingly dismal payroll number on friday night, 88K vs. 268K in Feb. 
The Dow free fall in early morning trade but recovered most part of the plunge by Friday's close. Weekly ended up in a doji, which seems more like a pause, rather than indecision, following its strong breakout from 14,500 level in the past week.
Uptrend line from Nov'12 is still intact, though an impending correction is looking more & more inevitable as price springs upward in a 60degree climb.
Watch out for more volatility ahead as we officially entered into the 1Q13 earnings season this week.

DJI Weekly - Fibo target 15-15.1K, Earnings in sight (April 05)

FCPO rebound from last week's low of 2,335 to a mid-week high of 2,397. Unable to cross 2,400 resistance level, price reversed down, formed an inside bar, & subsequently breakout to the downside on Friday.

Price hit intraday low of 2,346 but later managed to close back within the crucial 2,350-60 support band. Friday's breakdown hinted on more downside ahead, but only if a convincing violation of 2,350 level is seen next week.
Next support at 2,330 level, failing which shall see price find the strong 2,220-30 support in a hurry, completing a fibo projection of the drop from 2,505-2460.

A rebound in SoyOil price on Friday night may bring slight support to CPO price on Monday though. Trading activities may also slow down going into Thursday's MPOB March industry data release.


FCPO - More Downside if 2,350 violated (April 05)

All right.
That shall close Week1, Apr'13.

Enjoy the weekend! :)

A jovial illustration which match the current FKLI & DJI situation so well...shared from fb... :)

Photo: ttk take it easy,bull inviting the bear to appear soon

Wednesday, April 3, 2013

April 03 - FKLI - Parliament Dissolution Day

Hi All.

Writing the post specially to record the anomaly on FKLI, on a parliament dissolution day.

Historically, we plunge at least 10% on dissolution rumors...another 10% on dissolution announcement, another minimum of 10% from dissolution day to actual GE date.
i.e. -- At least 30% plunge from starting of dissolution rumors, through the Election Day.

Well...again, it proves that historical statistics may remains as old as history, & does not necessarily implies that the same scenario MUST repeat itself.
Still, we trade what we see, & should never trade on news, the best is to avoid the volatility on an announcement day (economic data, significant biz/politic new, earnings...any kind of market moving announcements) all together.

Today saw price traveled a hefty 60+pts range, from my channel top to its bottom, then back at the top by close.
I commented in one of the online forums, anyone with a clear mind, without being affected by the dissolution news, could have easily made at least 60-80 points from each of the 60+pts up- & down-swing today. Then, he/she can call the whole April month off, having made an average monthly salary figure within a day's time.
Hate to say that, I was not one of those people today, I still got carried away by the news & incurred some losses today. However, I believe, one fine day, I WILL evolve & join the league... :)

FKLI - Dissolution Day...with a bullish close in Dragonfly Doji (April 03)

Pretty hard to call for a direction tomorrow, after such drastic price action today.

Technically, a Dragonfly Doji points to more upside ahead, especially one with such long a tail. 
A close above the 1,680 level for the first time since Jan'13 also spells bullishness.
However, the all-time high 1,705 peak overhead is going to impost great pressure on the price rally.

Also, despite a close on higher high, RSI still remained below its resistance level. A break above should occur soon if price is to go further up from here.
Momentum averted a close below its overbought line thanks to the post-dissolution news strong rebound. Maintain within the overbought region at close, a sign that bulls are still in control.

All mixed signals, against an 'anarchy' political backdrop....=.... Volatility....

So, I shall keep to intraday play, & stay extra cautious under such chaotic environment.
Let's see how it goes tomorrow.

Stay Sharp!
Careful Hunting !! :)



Tuesday, April 2, 2013

April 02 - FKLI, FCPO & SoyOil

Hi All.

Was away form the market since mid of last week. 
Back to kampung for QingMing....Have a non-halal pic to share below...oops.....:p

Morning Market in SP...Fresh from oven 烧猪! (March 31)
>>>

Both FKLI & FCPO dropped in the past few days.

Last week, FKLI hit intraday high of 1,680 & pullback sharply to 1,652 low within 2-3days.
However, yesterday (Apr 01) saw a sharp midday rebound sending price to close near day high, forming a Dragonfly Doji on the daily.
Following the bullish candlestick pattern, today saw price bounces off the 1,660-65 support band & climb steadily up throughout the day, past the 1,680 resistance to hit a day high of 1,686, before a quick pullback in the last few minutes of trade, to close at 1,680.

The intraday high past 1,680 level has overlapped previous congestion area of 1,680-1,705 back in early Jan.
This increases the probability of a retest of higher levels at 1,690, or 1,705 peak, as we might be in a complex correctional pattern as we correct from the all-time high of 1,705. 
Or, maybe we are still in a LT uptrend (from 1,295 major pivot low) & the correction from 1,705 high to 1,585 low was a mere pullback of the uptrend??
....lots of question marks....???....

Whatever it is, let's take it step by step, follow closely behind the market while it shows us where it intends to go.

FKLI - Briefly past 1,680...R@1,690 | 1,705 (April 02)

>>>

Past few trading days saw CPO opened gap-down for three consecutive days, sending price down from 2,467-2,335 within a few days time.
On Mar28 night, a bearish USDA report indicating a build on inventories sent grains futures plunging, that might have help accelerated the decline on CPO, as SoyOil, inevitably, got dragged down by the sell off on grains. Most have recoup parts of their respective drop by end of last week.

So does CPO.
Price staged a rebound from latest low of 2,335, closed the day sitting above the ST downtrend line defining the drop from 2,505-2,335.
The rebound was supported by volume & momentum, too.

Now that price is back above strong support of 2,360, overhead resistance to clear will be at 2,395-2,405 | 2,415-25 | 2,440-50.
Support will be at 2,360-70 | 2,330 | 2,305-15.

Meanwhile, on SoyOil, price is still largely in sideways mode between 49.50-50.50. After failing the 50.50 support level following the Mar28 decline. 
Price has now fallen back into the daily down-channels, looking a little weak as it continues to stay below 50.50 S-turned-R level.
Strong support to watch will be 49.40 & 49.00 levels.
Strong resistance remains at 50.00 & 50.30-.50 levels.

FCPO - Above ST downTL, temporary rebound mode (April 02)

Okay...pretty brief post after a long day of trying to getting back in-tune with the market. Lots of news, happenings, chart story to catch up on...

Here's an article on how charts can tell u stories...:)


Enjoy!!
Happy Hunting!! :)



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