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)

>>>

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

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)

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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)

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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!! :)

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)

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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...:)

http://www.learntotradethemarket.com/forex-articles/how-price-action-tells-the-story-on-the-charts

Enjoy!!

Happy Hunting!! :)

March 27 - FKLI, FCPO & SoyOil

Hi all.

In brief....

FKLI 

- A massacre of the shorties who speculated a plunge on Dissolution/GE13 announcement.

- Price push through the important 1,674 level. Looking at 1,680 overhead, followed by 1,690, or 

  even 1,700, before we see 1Q'13 close on Friday.

- Momentum already peaking, but it may linger up there for some time, if we don't see any pullback 

  by end of week.

- Note S&R on chart.

FKLI - In short, Massacre of Shorties, 1,674 broken in a breeze (Mar27)

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FCPO

- A rebound day, from 2,430 up to day high of 2,467, closed in doji  at 2,447.

- Retested the hourly double-top neckline at when touches 2,467 day high.

- May possibly continue to bounce tomorrow, as hinted by still bullish momentum, & indecisive close

  in doji.

- Bullish SoyOil may help support the price....See SoyOil comments below...

- Note S&R on chart.

FCPO - Retest 2-top neckline at 2,467, closed in Doji (Mar27)

 

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SoyOil

- Break above the down-channel housing the pullback from 53.60-48.67 since early Feb'13.

- Breakout confirmed by a stay above 50.50 support, or above the down-channels.

- Bullish outlook may help support CPO price, or may not, as our CPO has its own fundamental 

  problems of high stockpile & low demand.

 

SoyOil - Break Above Down-Channels since early Feb (Mar27)

Till then!
Stay safe if you're in FKLI. Beware of the already over-decorated window...hehe...:p...

Happy Hunting!! :)

March 25 - FKLI, FCPO & SoyOil

Hi All.

A sweeping return of victory for FKLI bulls today. Rising a whopping 30.5pts for Mar'13 contract, & a brow-rising 34pts on the Apr'13 contract, both turned from a steep discount to at premium to the underlying KLCI index.

Talk about volatility on FKLI, as we are stuck with an expiring government & a much-delayed call for election...-_-///

Today's mighty white/piercing sword (my very own nicknames for the candle...:p), has more than nullify the previous slight possibilities of a resume of the downtrend from 1,705 peak.

We are officially back within the same old correction mode since early Feb low of 1,585.5. 

The best fit to the wide-range sideway price movement, starting from the 1,585.5 low, would be an ascending flat (some may consider it a bear flag...which is effectively the same technically...).

Shall this explanation holds true, we are looking at the last/5th minor wave within a typical flat (5-waves, abcde).

There are still room for the bullish momentum as suggested by W%R, which has yet to reach its overbought region.

The two uptrend lines defining the ascending flat also suggest more upside to current rebound from 1,608 low.

We are again revisiting those similar resistance levels which, by now, shall come to mind with a snap of fingers....1,655-59.5 | 1,664-68.5 (Mar12 high) | Jan21 high of 1,674 (which was missed by a few ticks before plunging down from 1,668.5 high to 1,608 low, throughout last week).

I believe we shall see bulls take a breather after working at full strength this whole afternoon. We might well see slight consolidation following the superb run today. 

Support comes in at 1,651-53 | 1,646 | 1,638-40.

FKLI - A Record 30pt-Migthy White (Mar25)

The blood bath within the high-volatility sideways correction on FKLI is just in no way benefiting the ruling party in their desperate last-hour effort to gather more support. Or, are they?....(~_~;)''...

>>>

CPO price failed to overcome the 2,503-05 resistance today, closing in a bearish engulfing candle instead. On shorter timeframes, a double-top is clearly seen, restricted by the 2,503-05 resistance level.

The bearish candle does not augur well for the rebound from 2,360 low the past two weeks. Furthermore, the 2,504 resistance marks a 61.8% retracement of the primary downtrend from 2,592 high since early Feb.

A close below its overbought level on W%R signalling a weakening momentum, after it peaked on Mar22 bullish close of 2,494. Further drop in momentum, without revisiting its OB region, shall confirmed a hidden bearish divergence on momentum.

A lower open & close tomorrow shall confirm a reversal top at 2,505. Preferably, a close below the ST uptrend line carrying the rebound from 2,360 low.

FCPO - Bearish Engulfing + 2-top @ 2,500-05 Resistance (Mar25)

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On SoyOil, price still wanders within the down-channels formed following the drop from 53.60 high.

As of writing, price is consolidating below resistance level of 50.50-50.75, also near the daily channel-top.

Shall the resistance level holds, we might see another downwave to find the channel bottom. If overcome, price shall chanllenge the next resistance level of about 51cents.

The direction of price in near future, up or down further, shall also determines whether the current retracement is a pullback of the previous MT uptrend since Nov'12, or it has already peaked at 53.60 & reversed.

SoyOil - Down-Channels still intact, watch 50.50-50.75 R-level (Mar25)

Still...March'13 is giving me a really tough time....

This cant help but add to my dissatisfaction towards the good-for-nothing government....still refuse to let go of their expiring mandate, while they continue to rip our nation & people off their wealth (whether they admit it or not)...。。。(# ` /\ ')。。。with total disgust。。。

>>>

Mar 12 - FKLI, FCPO & SoyOil

Hi All.

Today saw FKLI reversed a large part of yesterday's rise. 

Price gap up slightly at open & reached a day high of 1,668.5 before collapsing all the way down to a low of 1,652. Price barely recover & close near day low at 1,653. 

The day closed on a bearish Dark Cloud Cover candle.

Well, just saw my profit from yesterday's long green nearly all wiped off. Which is why, Swing Traders must have a strong heart, seeing their account expanding & shrinking with each day's price movement....Especially when it's shrinking....:p

Technically speaking, a dark cloud cover is indeed one of the most bearish candlestick pattern one can named.

Anyway, I'm going to take today's close with a pinch of salt....Seeing that the candle sits right above the daily uptrend line.

In fact, from another perspective, today's closing makes for an excellent LONG entry, especially for those who are still sidelined or regretting missing the rebound party.

From whichever side you are seeing it, waiting is inevitable....

We'll have to see whether the uptrend line shall holds tomorrow, which will decide if today's decline is the start of a temporary reversal, or was it merely a result of profit-taking plus some latecomers panic selling.

That we shall see tomorrow. In the meantime, I keep my faith in the 3-week-old uptrend line supporting the rebound from 1,593.

FKLI - Dark cloud cover, but still on uptrend line (Mar 12)

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CPO saw some of its recent climb from 2,367 low reversed also today.

Price finally breakout from previously anaemic rise in an overhanging ascending flat after the late Mar07 breakout from 2,390-2,410 congestion area.

Price open gap down & fall throughout the day until it hits the breakout level of about 2,400-2,410, which has now turned a strong ST support.

With the long-awaited Feb MPOB industry data out, we are back purely to technical-trading.

The 2,400-2,410 support level has been tested several times & proven strong.

With momentum indicators near their middle/lower levels, chances of bouncing off the support from here is pretty, provided there's no significant gap down at tomorrow's open.

Similar to FKLI technical layout, with an underlying short-term uptrend, while price retrace back onto the ST trendline after prior day's rise, closing in a bearish tone.

Both requires a confirmation tomorrow to give a clearer direction for the trading week.

For me, I'm keeping a cautiously bullish stand for both FKLI & CPO, watching the respective key support levels like a hawk.

FCPO - Ascending Flat breakdown, Support @2,400 holds (Mar 12)

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SoyOil failed to bring any leads to CPO price, as it's also moving in a directionless manner, oscillating within the 50.05-50.35 range.

Price hovers above the daily ST downtrend line, which seems holding, though price have yet to bounce off it.

Also need some waiting & confirmation work here for SoyOil.

SoyOil - Sideway Consolidation Range 50.05-50.35 (Mar 12)

The earlier oomph from yesterday's strong momentum on both FKLI & FCPO fades away...My trading week again reversed back into pending mode.

Wishing for some exciting strong trends ahead.....~*~*...*~*~
Happy Hunting!! :)

Mar 11 - FKLI, FCPO & SoyOil

Hi All.

An early post today.

Past few days saw both local futures traded in a subdued & lackluster manner, hence I had little to add by end of the trading week.

A new trading week finally bring some life into the trading field.

>>>

On FKLI 

After slightly over two days (including this morning) of consolidation within a FLAT ranging 1,646-1,655, we finally see a breakout from the range in late trading today, sending the FKLI to close at a high of 1,664.

With the breakout, we are now securely above the daily uptrend line again, after two days of slight bearishness induced by the lower highs formed on the past two daily candles.

So, let's look at the potential upside from here.

Firstly, we took out the 1,657 resistance level, marked by the Jan21 candle open.

After which, we went into consolidation between 1,646-1,655.

Today saw price formed a higher high at 1,664.5. 

Hence, immediate resistance is at 1,665 level, followed by 1,674, that Jan21 tower peak. :p

Some may have noticed that I have been plotting the fibo projection line on my daily chart since the rebound from 1,593 high.

A projection of the early-Feb 1,585.5-1,640 rebound gives a price target exactly at 1,674, further strengthening the resistance level.

Coupled with the ST uptrend line extending from 1,593 pivot low, we have about another 2-3days time to reach the target.

FKLI (Hourly) - Breakout from Flat; Back above uptrend line (inset, Daily) - (Mar 11)

Finally, our local benchmark is moving in-line with the regional market, which were mostly back at pre-crisis high, some even breaking new historical highs.

Nonetheless, downside pressure from the looming election is still there. Do constantly check our backs, just so we are not getting carried away by the new-found bullishness on the index.

Sharing my current ST philosophy on FKLI: 

Just when you think it's gonna plunge on election fear, it bounces;
Just when you think it's gonna retest the peak, it reverses??

LOL....Just sharing! :D

Just trade with the trend, follow your analysis, it shall not fail you.

>>>

On FCPO 

Also saw narrow range trading the past few sessions, with traders anticipating the Feb'13 MPOB data, which was out this afternoon. 

**

MPOB February'13 Industry Data  

MALAYSIA'S FEBRUARY PALM OIL OUTPUT DOWN 19.5 PCT FROM JANUARY

MALAYSIA'S FEBRUARY PALM OIL STOCKS DOWN 5.2 PCT FROM JANUARY MALAYSIA'S FEBRUARY PALM OIL EXPORTS DOWN NEARLY 14 PCT FROM JANUARY

**

Data out was mixed, with declining output largely offset by a similar degree of drop in export demand.

Market reacted with an afternoon gap down, which quickly recovered, then saw price again travel in range of about 2,440-60, forming another small-bodied candle on the daily.

Trading remain slow even after the MPOB data is released, with daily volume recorded just a slight improve.

Technical layout remains the same, the currrent rebound should be a temporary wave4 following the drop from 2,593 recent pivot high.

Overhead resistance remained at 2,470-80 region, followed by the gap around 2,500-2,520 area.

Momentum seems slightly peaking, which means the rebound should progress faster from here, or risk cooling down & reverse back into the primary downtrend. 

Immediate resistance also comes from daily mid-band at around 2,470 level, which needs to be overcome tomorrow.for the rebound to remain intact. 

FCPO - Rebound Wave4 intact but slow progress (Mar 11)

A quick one on SoyOil too. Also stuck in range of 50.10-50.30 last week. Broken out of the range in late Fri-Sat trading last week. Currently retetsing & saw the support at about 50.20-50.30 holding nicely.

SoyOil - Broke above consolidating flat, retest support holds (Mar 11)

Till then !
Have a nice evening all !
Happy Hunting !! :)

Feb 21 - FKLI, FCPO & SoyOil

Hi all.

A quick one to add to my comments on the market at midday break today.

FKLI did saw a strong rebound to take out yesterday's high of 1,607.5, before settling at 1,605.5 by close.

I believed many didn't prepare for that strong a rebound, not until it became obvious.

The rebound set a close in a 7th consecutive long-legged candle within the descending flat seen after market return from CNY holiday on Feb13.

This has gone too far to be a flag, I will stay with calling it a Descending flat instead. 

Whatever it is, it has to breakout from the two lines holding the candles, either to the downside or upside, to give a clearer direction for near future.

I'm getting really impatient looking the extending row of long-legged candles squeezed between the two downward-sloping lines.

Irregardless of the impatience, I had been very determined to keep a clear mind amid the shorting frenzy on election rumors. 

And I strongly suggest traders to not get carried away by their bearish bias based on the parliament dissolution which rumors rife that it will be announced tomorrow (Feb 22).

Whether its an event or non-event tomorrow, we just be prepared for either outcome.

FKLI - 7th consecutive long-legged candle in descending flat (Feb 21)

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CPO saw a rather wide gap down to open at 2,516 today. Price quickly recover back above 2,520 & 2,530 support levels though.

Saw the day finished at 2,536 with mainly sideway movement after the morning gap.

Price is sitting right on the daily uptrend channel (lower line) as a result of today's gap.

As of now, I see it as a retest on the previous downtrend line following the descend from latest high fo 2,593 early Feb.

SoyOil is rather weak on the ST after it failed to break above the daily up-channel middle line.

On the longer term view though, it is still bullish as long as the uptrend channels still hold the price.

As of writing, price is pulling back to test the channel lower line at about 51.20cents. 

We will check if that will hold, or not, tomorrow morning.

FCPO - Gap Down, Uptrend Channel still holds (Feb 21)

SoyOil - Price below mid-channel, support at 51.20 (Feb 21)

Prepare for the excitement tomorrow. Whether there will be a much-awaited announcement, or not.

Happy Hunting!! :)

Feb 20 - FKLI, FCPO & SoyOil

Hi all.

FKLI did saw bulls gaining some strength with a close on Hammer, albeit closing in red, just a tick below yesterday's 1,607.5 close.

Tomorrow may see a spill over of the Hammer effect, expect slight rebound, which may still be hindered by the short-term downtrend line from 1,705 peak.

Including today's, there's been a 6th consecutive similar range candles traveling within a tight descending flat. The setup is of striking similarity with the one saw near the peak mid-Jan.

This can't help but excites me a lot, as we now know what happened after that, the dreaded Jan21 plunge.

History to repeat itself?
After all, TA is all about historical data analysis.....:D
We'll see.

FKLI - Formed Hammer, Slight rebound ahead (Feb 20)

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On CPO, bullish sentiment dented a little on weaker than expected Feb1-20 export figures.

On the short-term, there's weakness in the bullishness, as today's slight pullback had gone beyond yesterday's low, despite a higher high formed earlier after the open.

Bears seemed to have took over the control after the data release.

However, on a mid-to-long term view, the uptrend is still intact. Still, bulls have to take out the immediate resistance level overhead at 2,590-2,600 as soon as possible, to keep the bullish sentiment in place.

Earlier in the evening saw a ST bullish flag breakout on SoyOil, which helped lifted CPO price, before bears push price down again to the day's lower close at 2,561.

Same case for SoyOil, temporary weakness (earlier flag breakout failed at 2300h), but the mid-term bullishness is still intact.

FCPO - Slight pullback, bears gaining strength (Feb 20)

SoyOil - Flag Breakout failed, Price testing ST uptrend line (Feb 20)

Till then!
Happy Hunting!! :)

Feb 19 - FKLI, FCPO & SoyOil

Hi All.

Back from my CNY holiday!! 

Was on semi-holiday since market re-open after CNY holiday on Feb13.

Had been a little slack these two days, but managed to get in sync with the market again. :D

>>>

On FKLI

Since the wide range day on Feb13 upon market re-open after long holidays, price had been stuck in a consolidation ranged 10-15pts for the past few days, which saw 4 consecutive red candles on a downward slope, including today's.

A check on the last 4 daily candles shows that they are actually strongly resisted by the downtrend line from 1,705 peak.

Which explained their weird-looking 'hanging-in-the-air' downward slope on the daily chart...

An MACD crossover almost occurred before today's down day, which may have tricked some eager buyers into action.

By end of the day, its pretty obvious that the crossover will not be happening as the two MAs diverge further to the downside.

I was expecting a more furious drop today but it seems that buyers are still not giving up yet. They managed to take over & push price to close higher at 1,607.5, near middle of the day's range.

We may see the buying interest spill over to tomorrow's session, but sellers may not easily give way to any rise, too, I supposed.

Thus, there may well be some indecision tomorrow, barring any unforeseen breakouts from either sides at the open.

Resistance lies at 1,612.5 (past days consolidation bottom), 1,615-16 level where the downtrend line extends to, & further up at 1,621.5-25 | 1,630-32 | 1,640 levels, respectively.

FKLI - Price hugging downtrend line from 1,705 peak (Feb 19)

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On FCPO

CPO has been on a graceful upward climb since the last pivot low at 2,217 mid Dec'12.

Price rise along an uptrend channel of about 130pts, with the latest higher low formed at 2,476 level.

Today saw price open gap up above the 2,550 resistance level, & subsequently close the day up at 2,565, hitting an intraday high of 2,575.

Price has successfully breakout from the downward bias induced by the temporary pullback from 2,592-2,476. Managed a stay within the mid-term uptrend channel.

Based on the uptrend channel, resistance comes in at 2,630 overhead.

However, price has to break the strong psychological resistance of 2,600-2,615, before it can rise further up. Immediate resistance comes in at 2,590 level.

Favorable fundamental data is also backing the climb in price.

End-Jan stockpile eased to 2.58mil ton, from an all-time high of 2.63mil recorded in Dec'12.

Export demand has been on a rising trend from Feb1-15, as reported by ITS & SGS.

The reinstatement of CPO export tax of 4.5% effective Mar1 may stir some concerns among the bulls. However, the immediate effect may be a rise in export demand for Feb'13 as importers take full advantage of the duty-free exports before it lapses.

FCPO - Price bullish, Hindrance at 2,600-2,615 (Feb 19)

>>>

Rising SoyOil price is yet another cheerleader for the bulls' camp.

Price has been rising steadily in an up-channel since Nov'12.

However, note that price has also hit the long-term downward consolidation channel top at around 51.90cents.

On the short-term, we may see another upleg to test the ST up-channel top. But price may have to overcome strong resistance to breakout to the upside, continuing the uptrend.

SoyOil - ST uptrend intact, face LT resistance at 51.90 level (Feb 19)

That ends my first serious post after coming back from CNY holiday mood.
Enjoy peeps!
Happy Hunting!! :)

Feb 05 - FKLI & FCPO

Hi All.

On FKLI

 

Today saw a broadly sideway move on FKLI, ranging between the 1,625-35 range.

On the daily, price has consolidated to the upside since Jan 21-21 plunge low of 1,601.5, now seems to be forming an ascending triangle.

Price was unable to break above the resistance yesterday's high of 1,638, which is of a little concern to my bullish bias on the index future.

Given that an inside bar is formed on the daily, signaling a pause to previous strong move up from 1,620-38 the past two days. I'll give it another day for a price breakout from the consolidation phase.

As of writing, DJI saw a surge over 100pts back above 14,000, as U.S. home prices grew 0.4% in December to stretch the year-on-year gain to 8.3%.

That's nearly a 1% higher than the 7.4% growth registered in 2011, while being the strongest gain seen post-crisis.

FKLI - Consolidate in Ascending Triangle. A Breakout is Imminent. (Feb 05)

Encouraging housing data in the US, & that rally on DJI, if sustainable overnight, shall be a strong catalyst to a potential breakout tomorrow on our benchmark KLCI & FKLI.

>>>

On FCPO

Another Inside Bar formed today, trading was tepid within a 20ticks range.

This indicates that traders are not ready to make the move yet, still pondering over their trade decisions.

We will have to see on which side the breakout will occur, trading in its direction shall prove rewarding.

Momentum indicators are on the high side, favoring the bears in this case.

MACDh saw a first red which adds further to the downside pressure.

Adding to the pressure, is the SoyOil price which is struggling to stay above the support levels of 52.70-52.95, after it broke below its double-top neckline at 52.95 earlier on at 2100h.

SoyOil is firmly bearish for the moment, though the rally on Dow has provide the bulls some respite, which is proven short-lived as price is again back below the neckline, as of now (@0032h).

FCPO is pending a breakout, with a downside bias on weak SoyOil & bearish momentum indicators signals.

FCPO - A Double-Inside Bars, Pending a Breakout, Bearish Bias. (Feb 05)

 

SoyOil - Firrnly Bearish, Double-top in Progress, Neckline broken (Feb 05)

Good Night!

Happy Hunting!! :)