Friday, October 30, 2009

20091030 1829 FCPO EOD Daily Chart Study.

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.

20091030 1749 FKLI EOD Daily Chart Study.

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.

20091030 1630 Dow Jones EOD Daily Chart Study !

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.      

20091030 1447 FKLI Hourly Chart Study.

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.

20091030 1432 FCPO Hourly Chart Study.

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.

20091030 1128 Soy Oil Futures Trading Lower. Down 0.11.

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.   

20091030 0951 KURASIA Weekly Chart Study.

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.