Thursday, October 15, 2009

20091015 1818 FCPO EOD Daily Chart. Low Volume With Wide Range.

Despite positive export data, Crude Palm Oil futures ended red at 2110 down 50 point with lower volume transacted compare to yesterday closed. Looking at the daily chart shows that price still closed near mid Bollinger Band that currently serve as immediate support telling that market may go either way in the near future. Bollinger Band width narrowed today suggesting that market will be in range trading for the time being. MACD Histrogram lowered by a small fraction indicating that there are long position covering today. 

The question is, due to the fact that spot month expired today and relatively low volume traded, Is the significant of today sell down black candle justifiable ? 

When to Buy : Stay sideline until a clearer picture appears.
When to Sell : Stay sideline until a clearer picture appears.

20091015 1747 FKLI EOD Daily Chart Study. Dark Cloud Cover !

After hitting yet another new high at 1257.5(for the third time), FKLI straight away facing heavy profit taking activity that push it down to the low of 1242.5 before settle down to closed at 1245.5 to form a black range bar candle. Daily chart wise, it is showing something like a dark cloud cover formation in terms of Japanese candle stick, a negative signal for the market. Still closed above mid Bollinger Band indicate that market is still remain in positive tone. The positive tone also confirm by expanding Bollinger Band width. MACD Histrogram stayed flat indicate that market is in the process of position distribution.

When to Buy : Buy on bounce back after profit taking with fast profit and cut loss. 
When to Sell : Sell for taking profit only.

20091015 1650 DJIA Daily Chart Study. Wa la !!!

The Dow surged through the 9,900 and 10,000 level and stay above it to closed 10015.86 in respondse to regional market gain. Chart wise, the big white range bar candle touched and stay at the upper Bollinger Band, Expanding Bollinger Band width, rising MACD Histrogram and increasing volume reaffirmed the bullish movement. Having said that, with price trading above upper Bollinger Band also sending an overbought signal to all that profit taking will take place anytime. Meanwhile, at last look, Europe market trading mixed. Hang Seng futures closed at a premium of only 4 points to its cash market.

20091015 1536 Soy Oil Futures Coming Down.

Soy oil futures not moving upward also currently stood at 36.13 down 0.03. FCPO Oct 2009 expire today so we might want to switch our attention to Jan 2010 contract. Very low volume traded today for CPO.....Zzzzzzzzzzz. 

20091015 1525 Crude Palm Oil Export Up 10% - SGS

Crude Palm Oil Export rose 10% to 591,791 tonnes for 1~15 Oct 2009 by SGS cargo surveyor. But price still dropping ......

20091015 1307 FKLI 15mins Chart Study. Profit Taking To Persist !

FKLI 15 mins chart touched lower Bollinger Band for the first time. Not a good sign. Profit taking activity continue to take place....

20091015 1452 FKLI Hourly Chart Study. Give it some rest !

FKLI closed 1 point higher at 1252.5 after hitting another high at 1257.5 in the morning session.
Most of the regional market also gapped up higher at retraced back to lower level. Hourly chart wise, price still trading above mid Bollinger Band = Bull still rules. Bollinger Band width has stop expanding indicate that market would need some rest after some mountain climbling workout. The rest also agreed by MACD Histrogram that falled to near zero line level. Overall, market would take a rest for some rest before gaining enough stamina to move up further. Question now is how long would the market take this rest ? Sorry for the late posting :)

20091015 1243 FCPO Hourly Chart Study. Range Slow Market.

Crude Palm Oil futures traded up marginally to closed at 2165 despite stronger export data released this morning by ITS cargo surveyor in the 32 points range market. It did open gap up higher at 2175 and climbed 2 points higher to 2177 and dive straight down to the low of 2145. Hourly chart wise look not so encouraging to long position by staying at the mid Bollinger Band with Bollinger Band width also narrowing indicate buying activity are relatively weak. It is also comfirmed by the continue falling MACD Histrogram that falled below to negative territory shows that buyer are no interested to buy at all. Volume transacted is also low at 1951 contracts.

20091015 1135 Soy Oil Futures Still Hovering at 36.29.

At last look, soy oil futures still trading at 36.29 doesn't move much at all. One thing to take notice is also the MACD histrogram stay flat currently meaning buyer are on buying in a hurry. 

20091015 1057 GPACKET Daily Chart Study.

Looking at GPACKET daily chart, it has managed to break above the 0.90 resistant level after a long period of congestion and range trading. Trading at upper Bollinger Band with Bollinger Band width expanding plus MACD Histrogram continue to rise signaled a bullish sentiment toward this counter. New target and resisitant level for GPACKET will be :1.02, 1.13 and 1.26 level. If you swicth the chart into weekly chart, the 1.26 level will be very crucial and should this resistant level broken, a longer uptrend market are likely to take place for this counter.

20091015 1008 FKLI 15min Chart. Support At Mid Bollinger Band.

FKLI 15 minutes chart shows support currently stand at mid Bollinger Band.

20091015 1005 Crude Palm Oil Export Up 12.6% - ITS

Crude Palm Oil Export : 
ITS Export Figure for 1~15 Oct 2009 Up 12.6% to 595,515 tonnes.
Good news for long position trader !