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.
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| 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.
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| 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.
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| 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!! :)
fcpo still sideway market in 1st half...
ReplyDeletehmmm...
ReplyDeletegapping down below 2,400 support at open is not a good sign...
seems like covering gap though, will have to see if it can close back above 2,400 today for the temporary rebound to remain intact.
In the mean time, might have long opportunity for day trade if the support at 2,380 proves to hold.
Mar13 (1630h)
ReplyDeleteBoth FKLI & FCPO confirm their previous day's bearish close by opening & continue lower.
=FKLI=
Price open below yesterday's candle & continue lower breaking subsequent support of 1,646 & the crucial 1,640.
Currently rebounding from 1639 low but largely remain weak.
The 1,640 crucial level may provide support for the moment, but sentiment has decisively turn to bearish & a temporary pullback of the uptrend from 1,593 is confirmed.
Swing traders may wait for 1st retracement high to square off their long.
=FCPO=
Price gap down at open, following a weak SoyOil which broke below its immediate ST support of 50cents.
An opening below the key 2,400 support confirms yesterday's bearish signal.
Price failed to close the morning gap & gapped down further at afternoon open.
Temporary support lies at 2,367 level which price hit & bounces off earlier.
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Both FKLI & FCPO firmly in bearish mode.
FKLI strong support at 1,640, followed by previous gap at 1,631-34.
FCPO strong support at 2,360-70, followed by 2,350 | 2,330.
14Mar(1630hrs)
ReplyDeleteSteep decline in the morning... But, FKLI made a strong comeback after testing the support @ 1,631-34 area... Strong rebound in line with regional markets intraday recovery... Strategy is to buy on dips... Ricky Wong
~* Mar14 - After Market Close *~
Delete=FKLI=
Strong rebound it is...but may not be so because regional markets are in green.
Mostly bouncing off the support area around 1631, where the daily mid-band lies.
Selling eases today, but buyers aren't all convinced to come in yet.
For positional traders, yes, buy on dip as the overall uptrend from 1,585.5 & 1,593 low is still intact, past few days drop merely a sharp pullback, for no apparent reason from what I see n know...@_@''
For swing & day traders, today's price recovery may well be the 1st retracement of the current down swing. We may still adopt a sell on rebound high approach, subsequent resistance at 1,646 | 1,655 | 1,664.
For tomorrow, watch out as shorties may cover their positions ahead of the weekend.
Positional long may decide to add to their positions seeing that the daily mid-band shows support.
Both camps may contribute to some bounce, in that case.
On another note,
=DJI= (@2200h)
The Dow currently breaking yet another high after surprise fall in jobless claims figure released at 2030h.
DJI currently above 14,500 level, gaining approx. 60pts, which we shall see if it will hold till closing.
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=FCPO=
CPO is really giving me headaches since the month started.
Price is largely directionless, defined by consecutive opening gaps, ups n downs, while the remaining hours of trading often ended up in narrow ranges.
Yesterday saw a last-15min spike sent price up engulfing the whole day's trading range including the morning & afternoon gap down...*speechless*
This morning, price fell back from 2,406 to yesterday's low of 2,365 in a hurry, which then saw hours of tight range up till the closing.
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March'13 saw some tough times for traders thus far.
Hopefully the 2nd half of the month will be saw more opportunities & be more rewarding.
Happy Hunting!! :)