Thursday, July 4, 2013

July 03 - FKLI, FCPO & GOLD (into 2H13)

Hi All.

My first post in the 2nd Half of 2013.... :) 

US on a shortened trading day tonight, celebrating their Independence Day on July 04. US markets will be closed for tomorrow.
When they come back, another much-awaited NFP figure for June'13 will be due out on Friday (July 05) at 0830 Eastern Time.
As of writing, US major indices are on a typical day-before-major-holiday rally, reversing a weak start on deep Asian & EU market losses.

FKLI weakens after a steep 60-pt rally from 1,721.5 low to 1,781.5 high over a week's time.
Expect further downside towards 1,758-63 support band, followed by 1,750 | 1,735-40 levels.

The rally that scaled a high of  1,781.5, above immediate pivot high of 1,776.5, has violated the downtrend channel formed since price fall from 1,796.5 high earlier in May.
Momentum also spike to a high, breaking above its own downtrend line since May06 massive thrust.
A little divergent is observed, as further weakness is expected ahead, while underlying technicals paints a seemingly bullish picture.
Further clarity lies in the point at which current downward movement finds its support.

FKLI - Weakness ahead but technical on a divergence, further confirmation needed (July 03)


CPO struggled a little on the 2,335 support level, before the bulls pushed for a higher close today to mark a potential end to a pretty sharp pullback, after the magnificent May-June 260pt rally.

Further rise above the immediate resistance of 2,370-80 tomorrow shall firm up the bullish sentiment.
Expect a corrective rally towards 2,400-2,420 major resistance band.

On another note, SoyOil seems bullish, potentially forming an inverted H&S pattern after prolonged weakness in lack luster trades over the past months.

FCPO - Bull's comeback, further strength towards 2,400-2,420 resistance band. (July 03)

GOLD traders shall have a break, before they face the NFP on Friday. :)

GOLD - Bounce from 1,200 confirmed, Target 1,300-1,330 (July 03)

An interesting read for the week as US celebrates its 237th Independence Day....

That's it for now....
Happy Hunting!!

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