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.
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| FKLI - Weakness ahead but technical on a divergence, further confirmation needed (July 03) |
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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.
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| 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. :)
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| GOLD - Bounce from 1,200 confirmed, Target 1,300-1,330 (July 03) |
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An interesting read for the week as US celebrates its 237th Independence Day....
http://worldtruth.tv/the-biggest-ponzi-scheme-in-the-history-of-the-world/
An interesting read for the week as US celebrates its 237th Independence Day....
http://worldtruth.tv/the-biggest-ponzi-scheme-in-the-history-of-the-world/
That's it for now....
Happy Hunting!!
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