Monday, November 2, 2009
Crude palm oil closed unchanged today at 2208 level after gap down during opening and traded in a narrow range through out the day even after both export cargo surveyor released out positive export figure right until the last trading hour of the day only market started to push up higher. On the daily chart, the white range bar candle closed above mid Bollinger band = market sentiment has yet to turned negative. Bollinger band width remained narrower = market still trading side way range bound. MACD Histrogram stay nearly unchanged = buyer and seller tide to a draw game today. Overall market still trading side way range bound.
When to buy : buy on weakness with quick cut loss and profit target.
When to sell : sell on strength with quick cut loss and profit target.
Suprisingly, FKLI managed to closed 1245.5 up 1.5 point eventough the US and regional market going down. However, FKLI still ended below the mid Bollinger band = market still downside biased. Bollinger band width continue to squeeze the market into side way range bound. MACD Histrogram lower by a fraction = buyer and seller are equalizing each other position today(neutral). Immediate support stands at 1231 level and resisitant rest at 1251 level.
When to buy : buy on weakness with quick cut loss and profit target.
When to sell : sell on strength or break down with larget cut loss and profit target.
Seems like another old critical illness send Uncle Sam back to the hospital for medical attention right after discharged from the hospital. Ended at 9712.73, down 249.85 as the same old fear come back to the market with CIT filling for chapter 11 protection reminded traders of the previous bailout scenario. Chart wise the long black bar candle do look scary chopping right down the mid Bollinger band with high volume traded = the bearish sentiment is damn significant due to the previous bailout market fear. Bollinger band width just started to expand = the side way market may has ended and started to turned negative. MACD Histrogram also slipped down = heavy long covering and also short seller come into the market. However due to last Friday severe and panic fall of the marker, we might see some stabilisation process take place after market have digested the bad news over ther weekend. Overall market do looks bearish chart wise but not yet confirmed with immediate support at 9630 followed by 9450.
TChong share price tested the 2.37 resistant level today and still holding up strongly. All indicators also giving positive signal towards TChong by looking at the weekly chart. The next resistant target will rest at 2.50 level and support stands at 2.18 level. Should the 2.50 defense line penetrated, a further upside movement for TChong are likely. Fundamentally, the catalyst will be TChong move to purchase a piece of land located in Shah Alam and will be relocating it's existing Segambut assembly plant to Shah Alam. The golden egg here will be the Segambut assembly plant transformation into hi-end property development after relocation unlocking big value due to it strategic location near the heart of Kuala Lumpur to TChong financial book. The engagement of Datuk Michael Yam(ex Sunrise managing director) will also enforced TChong move into property development.
FKLI gap down 9.5 point this morning due to bearish news from the US Dow Jones market that drop 250 points last Friday. Hourly chart wise, market manage to recovered some of the losses and closed 3.5 points lower at 1240.5. Trading at below mid Bollinger band after an attempt to march through higher but failed and within the narrowing Bollinger band width = market still tends to trade in the up down side way range cycle. With MACD Histrogram also crawing along the zero line = side way market to persist longer. Overall, a downward biased side way market are likely to be here for the near term at least.
FCPO gap down during opening today due to bad sentiment spillover from soy oil futures price and closed the morning session 33 points lower at 2175 near the high because of ITS month to month export figure shows nearly 16% growth. Hourly chart wise, it is hovering around the mid Bollinger band level and Bollinger band stayed flat = market could still trade side way range bound. MACD Histrogram drilling lower = buyer face pressure holding up the market. Immediate support level currently stand at the mid Bollinger band level. Wondering can it hold the market from coming down.
Soy oil futures, traded higher up 0.25 at 36.65 after closed lower yesterday followed by gap down lower during opening today. Chart wise, it has breached the mid Bollinger band inside a contracting Bollinger band width = market are like to trade downward biased or side way. MACD Histrogram dive deeper into the negative territory = seller are comming into the market.
Crude palm oil monthly chart wise is trading below and resisted by the mid Bollinger band within a narrowing Bollinger band width = market are generally trading biased to the downside despite the released of positive export figure. MACD Histrogram craw up higher slowly = only mild buying interest exist in the market. Overall market are likely to trade side way range bound. Overall, market are likely to trade side way and downward biased but if price managed to penetrate above the mid Bollinger band supported my increased volume will give some hope for some upward movement.
Looking at crude palm oil weekly chart, it is hovering up and down at the mid Bollinger band within the narrowing Bollinger band width = market are likely to trade side way range bound with the support near 2000 level and resistant near 2300 level. MACD Histrogram edge up higher but still inside negative zone = No significant buying or selling activities in the market. Overall market are likely to trade side way range bound.
FKLI Monthly Chart ended still above mid Bollinger band and inside a narrowing Bollinger band width with the last 2 candle showing topping tails = market upward movement are in exhaustion. However, MACD Histrogram continue to rise higher supported by higher transacted volume compare to last month = buying momentum persisted. Should Bollinger band continue to narrow and MACD Histrogram stayed unchanged or higher, market are likely to trade side way range bound or some downward correction.
FKLI weekly chart still trading above mid Bollinger band = market still trading in positive zone. Bollinger band width continue to narrowed = further upside are limited. MACD Histrogram continue its landing process getting lower near the zero line level = buyer's interest toward the market are deteriorating. The last candle bar closed at the plotted upward trend line after attempt to test below it. Should price trade below the trend line with MACD Histogram penetrade below the zero line and the Bollinger band continue to narrow, bigger correction could be seen and price could test the mid Bollinger band support level.
Crude Palm Oil Export Up 15.8% to 1,422,008 tonnes for the period 1~31 Oct 2009 according by export cargo surveyor - ITS.