Thursday, October 22, 2009

20091022 1835 FCPO EOD Daily Chart Study.

FCPO managed to closed 42 points higher to closed at 2210 today after opening gap up to form a doji bar candle. Due to soy oil futures priced undertaking some correction after last night price surged, FCPO price also facing some difficulties to rise higher. Looking at the daily chart, all indicators also suggest a potential upside biased movement market. But having said that, at last looked soy oil future down 0.47 and crude oil futures also droping 1.21. 
When to buy : Buy on dip order near support level with larger cut loss and profit target.
When to sell : Sell only when price drop below support with quick cut loss and profit target. But not advisable.

20091022 1812 DJIA EOD Daily Chart Study.

What a day for traders in the Dow Jones market that reached the high at 10119 and slam dunk towards near the closing session to closed near the low at 9949.36 down 92.12 points. All the indicators on the images above also suggested that profit taking activities will continue to take place in the coming days with immediate daily chart support level rest on or near the mid Bollinger Band.

20091022 1754 FKLI EOD Daily Chart Study.

FKLI ended today down 5 points to closed at 1255 forming another black bar candle. At closed priced still remained above mid Bollinger Band after hitting the upper band confirmed that the market are doing a healthy correction. Bollinger Band contracted marginally suggest that market can move from side way to downward. Today is definitely a seller day as shown on MACD Histrogram that continue to slide downwards. Overall the healthy correction can go as low as the mid Bollinger Band that also act as the immediate daily chart support level.I think tomorrow might be a quite day as trader awaits the budget announcement.

When to buy : buy on support with larger cut loss and profit.
When to sell : sell on top(smaller timeframe) reveral for break down with quick cut loss and profit.  

20091022 1442 FCPO Hourly Chart Study.

FCPO bounce back to resume it upward movement in unison with soy oil and crude oil futures closed high yesterday night. At closed of the first half, price managed to touched the upper Bollinger Band = a sign of the return of the bullish sentiment back to the FCPO. Bollinger Band width also started to spread its wings shows that there is more upside potential. MACD Histrogram is also suggesting that buyer start to return back into the market. 

20091022 1436 FKLI Hourly Chart Study !

Selling pressure continue today on FKLI but seems like buyer fighting spirit remain high defending the price to closed at 1262.5. Still closed below mid Bollinger Band = liquidation of long position still take place. With Bollinger Band width start narrow indicate that FKLi will have a temporary bounce back from it selling downward movement. MACD Histrogram also edging up slowly shows that buyer may start to reenter the market. Overall the correction has yet to over unless price break above mid Bollinger Band which is also serve as the temporary resistant.

20091022 1028 Soy Oil Futures Closed Higher !

Soy oil futures caught us by surprise to closed higher at 38.56 last night. At last look, soy oil is trading at 38.30 down 0.26. This will bring bad news for those who have carried short position overnight for FCPO. FCPO are likely to gap up and triggered some short position stop loss order.