Friday, October 23, 2009

20091023 1900 Bursa Malaysia Crude Palm Oil Futures Weekly Chart Market Outlook.

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.

20091023 1843 FCPO EOD Daily Chart Study.

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.

20091023 1823 FKLI Weekly Chart Market Outlook.

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. 

20091023 1738 FKLI EOD Daily Chart Study.

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. 

20091023 1255 FKLI Hourly Chart Study. To stay or not to stay ?

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.

20091023 1238 FCPO Daily Chart Study. Still Strong !

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.

20091023 1028 Soy Oil Futures Trading Higher At 38.68.

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.

20091023 0930 PMETAL Daily Chart Study.

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.