Saturday, June 15, 2013

June 10-14 on FKLI, FCPO, SoyOil & GOLD (Closing Week2)

Hi All.

Analyzed all four of my majorly traded futures contracts in this end-week post.
Hope it can made up for the absence of postings throughout the hectic week...hehe...:p...

Meanwhile, gotta travel to JB for a wedding dinner tomorrow night.
Hopefully, FKLI do not give me much trouble on Monday coz I may not be able to monitor it then. Expecting some consolidation ahead, but still 'hopeful' for slightly more upside from Friday's close of 1,759.5.
 
FKLI - Busted Triangle Breakout Followed by a Fiery Reversal (June10-14)

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CPO, on the other hand, made a 2nd breakdown from its uptrend line extending from significant 2,230 low since May.
A second false alarm in a row?....I'll say very unlikely. Technicals currently agrees with me, too.
However, with the Ramadhan month round the corner, & a lower end-May inventory level as expected, the big picture still favors the bulls, at least for the moment.

FCPO - Easing Inventory & Ramadhan month supporting price (June10-14)
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SoyOil was on an entirely different downward route from CPO, which is why I wasn't even posting on its outlook recently.
Oversupply is also a headache for SoyOil price currently, just like many other major soft commodities.
Price is generally downward trending, as long as it stays within the down-channel holding it since late Feb'13.

SoyOil - Down-Channel restricting price since late Feb'13 (June10-14)
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GOLD, tumbled after bullish Non-Farm Payroll report released on June07, hardly able to recoup the losses, stuck below 1,390 significant resistance level.
Unless price regains its footing on 1,390-1,400 levels, near-term outlook remains weak towards 1,375-80 | 1,360-65 support band.


GOLD - Consolidating between 1,375-90 post-NFP tumble (June10-14)

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Enjoy the weekend!
Happy Hunting for the coming week!! :)


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