Hi All.
Closing April Week1....
Time does flies....Just like that, 1Q13 is done & dusted, we have already ended the first week of Q2...
....~*~*~...~*~*~...
FKLI is taking a breather, after its hectic Apr03 dissolution day moves, consolidating between 1,678-88 range with occasional intraday high teasing the 1,690-95 resistance level.
Price still within the daily up-channel, failing to close above 1,690 level after two consecutive test on the daily.
This shows hesitation among bulls near the 1,690 resistance. Eager bears may be enticed to stage a respite on the sign of any weakness, if we do not see a convince break of the level next week.
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| FKLI - Consolidating below 1,690 resistance, slight downward risk. (April 05) |
Pulled out a weekly chart on Dow, after a surprisingly dismal payroll number on friday night, 88K vs. 268K in Feb.
The Dow free fall in early morning trade but recovered most part of the plunge by Friday's close. Weekly ended up in a doji, which seems more like a pause, rather than indecision, following its strong breakout from 14,500 level in the past week.
Uptrend line from Nov'12 is still intact, though an impending correction is looking more & more inevitable as price springs upward in a 60degree climb.
Watch out for more volatility ahead as we officially entered into the 1Q13 earnings season this week.
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| DJI Weekly - Fibo target 15-15.1K, Earnings in sight (April 05) |
FCPO rebound from last week's low of 2,335 to a mid-week high of 2,397. Unable to cross 2,400 resistance level, price reversed down, formed an inside bar, & subsequently breakout to the downside on Friday.
Price hit intraday low of 2,346 but later managed to close back within the crucial 2,350-60 support band. Friday's breakdown hinted on more downside ahead, but only if a convincing violation of 2,350 level is seen next week.
Next support at 2,330 level, failing which shall see price find the strong 2,220-30 support in a hurry, completing a fibo projection of the drop from 2,505-2460.
A rebound in SoyOil price on Friday night may bring slight support to CPO price on Monday though. Trading activities may also slow down going into Thursday's MPOB March industry data release.
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| FCPO - More Downside if 2,350 violated (April 05) |
All right.
That shall close Week1, Apr'13.
Enjoy the weekend! :)
A jovial illustration which match the current FKLI & DJI situation so well...shared from fb... :)
~* Apr08 @ After-market *~
ReplyDelete=FKLI=
Price close within the lower day range at 1,683.
Bullish sentiment is weakening over the week after Apr03 strong midday reversal from 1,621.5 low.
A breakout from the pennant formed on the daily is imminent. I'm keeping to my bearish breakout bias.
Monitor closely the 1,675-80 support level tomorrow. Shall it be violated, expect a large move downward finding 1,660-65 | 1,650-55 | 1,640.
BREAKOUT IMMINENT, DOWNSIDE BIASED
>>>
=FCPO=
Last Fri breakdown from the Inside Bar is proven a false one, as price gapped up RM30 to open at 2,387 today, following a strong rebound on SoyOil.
After opening high, price consolidated downward, later managed to bounce off the 2,375 support & continued higher in the afternoon.
Late afternoon saw price travel beyond 2,397 (Apr03 mother bar high) level, hitting an intraday high of 2,402, before coming off highs & closed at 2,400.
A close above Apr03 high of 2,397 signals a continuation of the rebound from 2,335 low, & that it is not done yet as I previously thought.
Overhead R@ 2,405 | 2,420-26
(2,426 being Mar26 low, also low of 1st wave down from previous 2,505 high).
S@ 2,390-97 | 2,375-85 | 2,350-60
ST BULLISH. REBOUND CONTINUES, TARGET 2,420-26