Wednesday, October 28, 2009

20091028 1835 DJIA EOD Daily Chart Study.

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.

20091028 1818 FBM KLCI Daily Chart Study. MACD Divergent Still Valid !

Looks like the FBM KLCI daily chart MACD negative divergent is still valid for a potential sell down. 

20091028 1810 FCPO EOD Daily Chart Study.

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.

20091028 1740 FKLI EOD Daily Chart Study !

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.

20091028 1702 FKLI Hourly Chart Study. Head And Shoulder Break Down !

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.

20091028 1254 FKLI Hourly Chart Study.

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.

20091028 1243 FCPO Hourly Chart Study.

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.

20091028 1120 Titan Weekly Chart Still Not Convincing !

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. 

20091028 1025 Soy Oil Futures Trading Up 0.22

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.