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.



- 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,
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!!

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