Crude palm oil traded higher today closing at 2205 up 16 points. Market gap up in the morning and followed by profit taking activities to push it lower to 2165 before buying interest come back to push it back higher near the opening forming a T doji bar candle. At today closed, price edged higher above the mid Bollinger band inside the contracting Bollinger band width suggest that market could still trade side way range bound because price still stay below the downward trend line plotted on the chart. MACD Histrogram stayed nearly unchanged indicate that today's buying activities might not be sufficient to lift up the price of FCPO. Overall, anticipating a side way market ahead but should price break above the downward trend line, would give hope to the upside and should price break below mid Bollinger band would see market like to trade lower.
When to buy : Buy on weakness with quick cut loss and profit target or buy on break up with larger cut loss and profit target.
When to sell : Sell on strength with quick cut loss and profit target or break down with larger cut loss and profit target.
FKLI spot month contract ended the day at 1244.5 up 6 points. After a bullish opening and follow through buying pushed it higher to 1251.5 at the morning session then profit taking come in during the second session to closed the day near the low. Today doji bar candle attempted but failed to maintain itself above mid Bollinger band = market has yet to turned back into positive sentiment in the current correction phase. Bollinger band width continue to get narrower = market are likely to trade side way range bound. Despite market closed higher, MACD Histrogram still record a drop today = seller still dominate the market. It would takes price to closed above mid Bollinger band and MACD Histrogram stop falling for any hope for the market to turned upside.
When to buy : Buy only on weakness with quick cut loss and profit target.
When to sell : Sell on strength or break down with quick cut loss and profit target.
Wow ! Uncle Sam has woke up! With the positive GDP growth report release yesterday that rebounded 3.5% in the third quarter brings an ends to the United State 18 months long economy recession. The positive news bring back hope and confident to Wall Street resulted the Dow to closed 199.89 points higher at 9962.58 level forming white range bar candle. Daily chart wise, the white candle break through the mid Bollinger band and closed above it = there is still hope for the bull to stay in the market. Bollinger band width continue to squeeze tighter = market will be trading side way range bound. MACD Histrogram stop and reversed upward = buyer coming back with a good fight.
FKLI Nov2009 contract closed 1250.5, 11.5 point higher in unison with regional market due to the Dow overnight bullish market reaction on US GDP recovery. Hourly chart wise market still trading side way at above Bollinger band inside a narrowing Bollinger band width. MACD Histrogram slide lower marginally shows that seller activities are mildly done. Overall a side way downward biased market due to weekend effect.
Crude palm oil futures traded 9 points lower to closed the morning session at 2180 with lower volume transacted after gaping up at the high of 2207 during opening. The last hourly candle still traded at above mid Bollinger band in a narrowing Bollinger band width = market is trading sideway range bounde. MACD Histrogram edge up slowly = only mild buying activity done. Overall market will be likely to trade sideway but trader will have to bare in mind that today will be the last trading day of the week with possible trade closing position ahead of the weekend.
At last looked soy oil futures trading 0.11 lower at 37.41. Last night soy oil managed to reached the high at 37.94. Daily chart wise, soy oil is still supported by the mid Bollinger band and remained trading above it = market has yet to turned into negative sentiment. Bollinger band continue to hold narrower = correction has yet to end after the upward price surged. MACD Histrogram falled but at a slower pace = mixed sentiment in both buyer and seller towards the direction of the market. Should soy oil break the support with MACD Histrogram going lower into negative zone will lead market into a bearish development, else the soy oil are likely to trade side way with upward climb potential.
Kurasia weekly chart looks good and trading in an uptrend. Bollinger band reading biased to a positive upward movement. However MACD Histrogram stepping downward slowly = buying activity seems slowing down. Immediate target and resistant rest at 0.825 level and support falls on 0.73 level. At this point, MACD Histrogram development will be crucial for indication of Kurasia price direction movement.
FCPO ended the day 37 points higher to closed at 2189 forming a white range bar and a bullish engulfing candle formation in unison with higher soy oil futures price that rebounded. Immediate resistant rest at 2210~2230 level. Today candle closed above and rebounded from the mid Bollinger band = market has yet to turned bearish. Bollinger band width narrowed mildly = market might trading side way range bound. MACD Histrogram continue to lower but at slower pace = seller has yet to leave the market totally.
When to buy : Buy on weakness with quick cut loss and profit(intraday only).
When to sell : Sell on strength with quick cut loss and profit(intraday only).
A roller coastal day for FKLI that swings in the range to 10 point closing the day 7 points lower at 1238.5. Traders has switched their attention to the more volume traded november 2009 contract. Today long doji bar candle ended below mid Bollinger band for the first time after a long 18 days climb = market has turned into negative territory. MACD Histrogram continue to dive deeper = Seller are trying to march further. However, with today's doji candle and Bollinger band width continue to tighten up, market might stay side way or rebound from the current level unless Bollinger band width paused and turned wider.
When to buy : Buy on weakness with quick cut loss but larger profit target(preferably Nov09 contract).
When to sell : Sell on strength with quick cut loss and profit target.
A break down day for the Dow Jones industrial average that slam down 119.48 to closed at 9762.69 level. With the long black candle bar closed below mid Bollinger band and MACD Histrogram going down further confirming the weakness of the DJIA market. Should the Bollinger band width stop narrowing and turned wider, then there could be further downside or else market will tends to stay sideway for a while.
No exception for our FKLI or FBM KLCI cash market to escape the fate of being bite by the shark's jaws by gaping down on opening and going down deeper before short position trade decided to cash in their profits. This can be witnessed by the last few doji candles bottoming tails. At closed price is trading below Bollinger band with wider Bollinger band width = downside biased market. However, MACD Histrogram turned upward at the last 2 bars = seller locked in profit by covering short position. Should profit taking activity continue on the second half session, market may attempt to touch today's gap.
Crude palm oil futures closed 12 points lower at 2140 due to spillover from soy oil futures weaker sentiment. After gaping down at the morning opening, FCPO traded in a defensive tone with low volume participation. Looking at the hourly chart, FCPO still trading inside a down trend channel below the mid Bollinger band = negative sentiment still persist. Bollinger band width stayed nearly unchange = more downward movement are likely. Due to lower volumne traded, MACD Histrogram crawing up marginally = not serius buying activity happen. Overall market is still weak.
Daily chart wise, Ingress has formed a double bottom pattern and break out ! According to the double bottom projection, the next target to Ingress will rest at the 0.88 level.
Seems like all the major market daily chart also having the same formation including DJIA daily chart. With the current negative sentiment that we are having globally, needless to say DJIA also facing the same thing. Chart wise, should the trend line support level broken, further downside are likely to happen. Hong Kong Hang Seng futures closed at 51 points discount toward it's cash market and at last look, European market also trading in the red zone and last but not least DJIA futures market down 61 points at 9771.
Looks like the FBM KLCI daily chart MACD negative divergent is still valid for a potential sell down.
Crude palm oil futures traded weaker today down 18 points to closed at 2152 due to bearish sentiment development on soy oil futures price. Touched and closed slightly above the mid Bollinger band = the side way market has yet but almost turned negative with the posibility of moving either way at this point. Bollinger band width contracted for the second day = still a side way downward correction biased market. MACD Histrogram lower = selling activities monopolized today's market.
When to buy : buy on weakness or support level with quick cut loss and profit.
When to sell : sell on strength or resistant level with quick cut loss and profit.
A big slam dunk black bar candle day for FKLI that closed 8.5 points lower at 1245.5. The black bar candle also touched and closed at the ploted trend line and mid Bollinger Band = the downside correction is very crucial at this point as there might be support coming back into the market or the correction might take a further deeper dive. Bollinger band remained narrowing = downward correction to continue or side way market. MACD Histrogram parachute fall has yet to paused = seller has won the war again today.
When to buy : buy on weakness or support level with quick cut loss and profit.
When to sell : sell on strength or resistant level with quick cut loss and profit.
I've just noticed that FKLI hourly chart has formed an head and shoulder break down! According to the projection of the head and shoulder, FKLI could possibly fall further to 1233 level.
FKLI closed at 1251 down 3 points. Trading below mid Bollinger band = market is still doing downside movement correction. Bollinger band width stopped expanding at the last bar = possible side way or pull back. MACD Histrogram stay nearly flat = selling activity started to slowing down. Overall market still doing correction.
Crude palm oil trade 8 points lower to closed at 2162. Seems like a cut loss day for medium term long position trader. Price still trading below mid Bollinger band = market is still favour a downside movement. Bollinger band width also keeping its expansion pace = there still room for market to move lower. MACD Histrogram stay nearly flat over the last 4 bars = selling activity has yet to turned aggressive thus it is important to monitor the MACD Histrogram movement for any potential downward movement or a possible pullback.
Weekly chart wise, Titan Chemicals still doesn't look convincing enough for it to sustain its upward movement. With Bollinger band width narrowing and MACD Histrogram stay near the zero level. Support level stand at 1.09 and resistant level at 1.36 for weekly chart.
At last look, soy oil futures is trading up 0.28 at 37.70 after closed lower yesterday. FCPO traders will need to monitor soy oil futures price closely due to the current side way market.
Crude palm oil futures closed lower today at 2170 down 48 points. Still managed to keep itself above mid Bollinger band = market is still supported in a side way ranging market. Bollinger band width wider by a fraction = market volatility remained remained in a smaller range. MACD Histrogram fall lower = seller participation outnumber buyer today. Overall still a side way ranging market. Must monitor US Dollar, soy oil and crude oil price developement closely for direction guide.
When to buy : buy at support or break out with with quick cut loss or profit.
When to sell : sell on strength or if support broken with quick cut loss or profit.
A big doji day for the FKLI to closed 7 points lower at 1254 as market recovered during last minutes still doing 6 points discount to our cash market. At last looked, European market traded slightly higher. At closed Hang Seng futures is doing premium of 21 points towards its cash market. Daily chart wise, nearly touched the mid Bollinger band and bounced up to closed above mid Bollinger band = market continue to consolidate with a downside biased but potential support at the trend line or mid Bollinger band. Bollinger band width also narrowed = a smaller range side way market. MACD Histrogram dived into danger zone for the first time after holding on for 12 days = seller won today battle strongly. It would be crucial to monitor the support level from now on to determine the direction of FKLI in the near term.
When to buy : Buy at support with cut loss few points below support.
when to sell : Sell if support broken with cut loss few points above support.
OR choose to stay sideline.
The Dow ended down 109.13 point to closed at 9972.18 below the 10,000 level. Chart wise, closed just below mid Bollinger band = market has just turned into negative sentiment. Bollinger band width also start to narrowing = the downward correction will continue. MACD Histrogram comtinue to falled and into negative territory = seller ruled the market substantially. Current immediate support stand at 9800 level. Coming days will be crucial to see if the Dow can stay at least near the mid Bollinger band before any hope for the market to climb upside.
GHLSYS has break the 0.377 resistant level today with supportive volume traded. All indicators are giving positive biased signal. With the current over extended spike up, it will be like to have some pull back before surging higher. Next target will be at 0.49 resistant level.
Today rotation play switched to Wimax related counter like YTLE, REDTONE and GAPACKET and unloading from banks counters. YTLE is have a surge in volume and break out from the resistant level.
At last look, FKLI is trading at 1252.5 down 8.5 point. Hourly chart wise, FKLI is trading below mid Bollinger band = market is doing downward correction. Bollinger band width also continue to spread wider = further downward correction is likely. However, MACD Histrogram reversed to turned higher = possible buyer coming to support the market or short covering their position to locked in profit. Overall we are in a uptrend correction market.
Seems like FCPO is still not able to detach from the small range trading market with only 18 points range traded. At closed of the morning session, FCPO closed 25 points lower at 2193 after gap down at the opening. Hourly chart wise, FCPO is trading below mid Bollinger Band = market are bearish in the immediate near term. Bollinger band width also expanded = market still have room to go down further potentially. MACD Histrogram continue to drop lower = seller are eager to sell as compare to buyer wills to buy. Overall, FCPO are biased to the downside in the immediate term.
At last look, soy oil futures is trading at 37.86, up 0.28. Seems like the dropping in price for soy oil futures has paused. Should the MACD Histrogram stop falling, then it would be a good chance for soy oil price to recover.
Looking at FKLI 30mins chart. Current 1253 support level touched and defense come in . Lets see will the support line hold on ?
FCPO traded lower today despite encouraging export figure released by 2 export cargo surveyors. At closed FCPO down 20 points ended the day at 2218 with a 30 point range market. The drop in price is mainly due to a weaker soy oil price and crude oil development that currently trading in a correction phase after some severe surged in price. Forming a black candle with a bottom tail at above mid Bollinger Band = Market is still favour the upside. Bollinger band width continue widen = there are more upside room for market to move higher. However, MACD Histrogram stayed almost unchanged dropped by a fraction resulted a draw game between buyer and seller. Overall, FCPO still have the potential to move up higher.
When to buy : buy on dip or break out with larger cut loss and profit target.
When to sell : sell only on break down with volume confirmation with quick cut loss and profit target.
FKLI closed the day down 4.5 points at 1261 after the released of the long awaited 2010 budget last Friday and also due to the fact that there is no more exciting catalyst news in the near futures at least not until MAXIS IPO. With today doji bar candle trading above mid Bollinger band = market has yet to change trend. Bollinger band width stayed narrowing = market is trading side way biased to some downward correction. MACD Histrogram continue to slide lower near to zero level = seller coming into the market. Overall, market will continue to be in correction phase. Support level stands at 1255 level.
When to buy : Buy on dip or at support level with quick cut loss and profit.
When to sell : Sell on strenght and break down with quick cut loss and profit.
Crude palm oil export up 6.8% to 1,113,415 tonnes according to SGS cargo surveyor.
FKLI traded 4.5 point lower to closed at 1261 perhaps reacting to a no big surprise budget announcement. Lots of comments heard on the street with some negative feedback on the real property gain tax and also in the hot topics will be the cancellation of credit cards due to the RM50 tax. Coming back to the hourly chart, FKLI slide below the mid Bollinger band = Negative market sentiment. Bollinger band width also just getting started to expand = potential downward movement. MACD Histrogram continue to drop in the negaticve zone = seller take charge of the current market. Overall market is still in correction phase after an exhausted climb.
Despite better than expected export figure data that up 16% by ITS, crude palm oil futures traded lower in a tight 15 points range to closed at 2225 with merely 1591 contracts changed hand. This may due to the sluggish price development in soy oil futures that still traded lower compare to last Friday. Looking at the hourly chart, price still trading above mid Bollinger band = market still sticking toward an upward direction. Bollinger band width narrowing = side way range bound market. MACD Histrogram fall breached below to negative territory = selling pressure exist in the market. Overall FCPO is trading in a sideway market.
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Media Prima weekly chart looks strong with all indicators sending bullish uptrend signal after breaking the 1.60 resistant level that now turned into support level and now marching toward the 2.00 target resistant level. Should the MACD Histrogram continue to rise, it is likely for MEDIA to reach the 2.00 level but if the MACD Histrogram started to form a rounding top, that would be an alert not to hold.
Looking at soy oil futures chart, it is trading up 0.41 higher at 38.35 after 2 days downward correction. Trader will need to watch out for the development in the MACD Histrogram because the rounding down process has yet to end and continue to fall further.
Daily chart wise, AXIATA is breaking down from the support level and the next support will be at 2.87 level. Hmmmm.... Wondering is this the MAXIS listing effect !?
Crude palm oil export up 16% to 1,117,729 tonnes for the period 1~25 Oct 2009 according to ITS cargo surveyor.
Looking at FCPO weekly chart, the weekly doji bar candle has penetrated the mid Bollinger Band resistant level, giving a very initial sign of an upside biased movement market. Bollinger Band width narrowed by a smalled degree still voting for a sideway ranging market. MACD Histrogram edged up higher but has yet to breach into the positive area shows that buyer are partcipating in the market in a prudent way. Overall, FCPO positive sentiment has yet to develop and still in a testing phase for any potential upside for the longer term.
Bursa Malaysia crude palm oil futures traded in a narrow 23 point range today to closed 28 points higher at 2238 in unison with soy oil futures upward price movement. At closed of today, the doji bar candle edged higher near the upper Bollinger Band signaling an upside biased movement market. Bollinger Band width keeps on spreading wider also suggesting a potential upward movement market. MACD Histrogram rising gratually indicates that buyer activities persists slowly but has yet to turned aggressive.
When to buy : Buy on dip or break up with larger cut loss and profit target.
When to sell : Cannot initiate short position.
FKLI weekly chart formed a doji that and still remained above mid Bollinger Band keep itself away from the negative chi. Profit taking activities through out the week dampered Bollinger Band from expanding resulting a narrower band width. The same goes to MACD Histrogram that stay nearly flat due to the result of the selling pressure from profit taking activities. The still ongoing MACD Histrogram negative devergent development raised cautions among longer term position traders that hold long position. Overall, FKLI is still in an uptrend but with possible correction may take place in the coming week. Factor to wacth will be the impact of the budget released today after market has fully digested the details of the budget.
FKLI closed 5 points away from today's high to closed at 1265.5 gained 10.5 points. Traders decided to locked in their profit right after after market hit the high at 4.30pm ahead of the weekend. Daily chart wise forming a long upper tail doji that still positioned at above mid Bollinger Band saying that the market is still favours the upside. Bollinger Band width has yet to stop the market from move higher by staying unchanged. However, MACD Histrogram managed to sniffed some selling activities by intraday and position traders that cashed out ahead of the weekend by moving slightly lower. Immediate support appears on 1253 level.
When to buy : Buy at support or break up with larger cut loss and profit target.
When to sell : Sell for profit or only on break down with quick cut loss and profit target.
FKLI reacted positively to the overnight Dow Jones market that closed higher due to better that expended earnings of some corporate earnings reports. At closed of the morning session, FKLI gap up at move higher to closed at 1268, 13 points higher. Maintained itself at above the mid Bollinger Band level admit that the current uptrend bull run has yet to end. With Bollinger Band width also started to widen shows that there still potential more upward movement. MACD Histrogram reversed to turned up suggesting that buyer returning to the market with some short covering activities. There are some tails appears on the last 3 candle also indicates that some traders liquidate their position just ahead of the budget announcement.
FCPO gap up and going higher in tandem with soy oil futures and Dalian palm oil futures price development. Morning session ended 33 points higher to closed at the high at 2243. Hourly chart wise, all indicators on the chart also sending a buy signal on FCPO with the immediate target of 2260.
At last look, soy oil futures is trading higher at 38.68 up 0.38. A good news for FCPO long position trader. All indicators still looks okay except for MACD Histrogram that stayed marginally lower.
Looking at PMETAL daily chart, it has broken the 1.31 resistant level marching to reach the next target of 1.41 resistant level and should this level of defense failed then it is like to to test the 1.68 level. All indicators on the chart still favour an upside movement.
FCPO managed to closed 42 points higher to closed at 2210 today after opening gap up to form a doji bar candle. Due to soy oil futures priced undertaking some correction after last night price surged, FCPO price also facing some difficulties to rise higher. Looking at the daily chart, all indicators also suggest a potential upside biased movement market. But having said that, at last looked soy oil future down 0.47 and crude oil futures also droping 1.21.
When to buy : Buy on dip order near support level with larger cut loss and profit target.
When to sell : Sell only when price drop below support with quick cut loss and profit target. But not advisable.
What a day for traders in the Dow Jones market that reached the high at 10119 and slam dunk towards near the closing session to closed near the low at 9949.36 down 92.12 points. All the indicators on the images above also suggested that profit taking activities will continue to take place in the coming days with immediate daily chart support level rest on or near the mid Bollinger Band.
FKLI ended today down 5 points to closed at 1255 forming another black bar candle. At closed priced still remained above mid Bollinger Band after hitting the upper band confirmed that the market are doing a healthy correction. Bollinger Band contracted marginally suggest that market can move from side way to downward. Today is definitely a seller day as shown on MACD Histrogram that continue to slide downwards. Overall the healthy correction can go as low as the mid Bollinger Band that also act as the immediate daily chart support level.I think tomorrow might be a quite day as trader awaits the budget announcement.
When to buy : buy on support with larger cut loss and profit.
When to sell : sell on top(smaller timeframe) reveral for break down with quick cut loss and profit.
FCPO bounce back to resume it upward movement in unison with soy oil and crude oil futures closed high yesterday night. At closed of the first half, price managed to touched the upper Bollinger Band = a sign of the return of the bullish sentiment back to the FCPO. Bollinger Band width also started to spread its wings shows that there is more upside potential. MACD Histrogram is also suggesting that buyer start to return back into the market.
