Thursday, October 29, 2009

20091029 1830 FCPO EOD Daily Chart Study. A rebound day.

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).

20091029 1813 FKLI EOD Daily Chart Study.

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.  

20091029 1630 DJIA EOD Daily Chart Study.

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. 

20091029 1309 FKLI Hourly Chart Study.

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.

20091029 1248 FCPO Hourly Chart Study.

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.

20091029 0830 INGRESS Daily Chart Study ! Wow !

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.