FCPO pullback to closed 65 points lower at 2555 after last Thursday price surge to closed way above the upper Bollinger band. Bollinger band reading still looks healthy for an uptrend market. MACD Histrogram reading turned lower = selling activities take place to closed off long position. Overall, the uptrend downward correction could still continue with immediate support come in at the middle Bollinger band level and again trader need to monitor closly the development of China Dalian palm oil market, soy oil, crude oil and also US dollar movement.
When to buy : buy at support or weakness with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
FKLI traded 1 point lower to close at 1259 with lower volume changed hand. Today's daily candle tested the middle Bollinger band but still closed below it with the band width contracting = strength of market to climb upward remained weak with side way range bound downside biased. MACD Histrogram stayed flat = both buyer and seller still testing the market cautiously. Market seems trading within a ready to break out triangle with support stands at 1251 level and resistant rest at upper downwars triangle line. Expecting market to trade side way range bound with some downside biased.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
Holiday mood FKLI traded side way within a 3.5 point range market closed the morning session up 2 points at 1262 with thin volume traded. Bollinger band reading shows that FKLI still trading within the negative zone. On the other hand MACD Histrogram recorded some improvement reading suggest that market could still go higher. Due to the conflicting signal by both indicators, anticipating market to trade range bound with immediate resistant at the middle Bollinger band level and with such low volume traded, room for any movement will be limited unless volume transaction increase significantly.
Ouchh! Seems like I am truly way too optimistic about FCPO that give back most of its last Thursday gain closing the first session down 57 points at 2563 due to weaker soy oil price. Hourly chart wise, price dive and closed below the middle Bollinger band with the band width narrowing = side way range bound downward biased. MACD Histrogram jumping lower = long covering activities taking place. Market could still possibly trade lower with immediate support stands at 2540 level and resistant rest at the middle Bollinger band.
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Wow! A totally different story here, FCPO closed the week up 90 points compare to last week ! The last weekly candle ended just at the upper Bollinger band with the band width expanding = bullish market. MACD Histrogram climb higher = buyer still rules the market. In short words, bullish uptrend market with target/resistant at 2651 follow by 2755 level (am I too optimistic.....)
FKLI ended the week soar 4 points compare to last week closed. The weekly candle still closed above the middle Bollinger band with the band width continue to turn inward slowly = market like to trade side way range bound(yes I admit that I've being telling the same old side way market for weeks now huh... believe me, I wish it moves too). MACD Histrogram recorded a slightly weaker reading = seems like buyer interest toawards the market remained low. Again expecting a side way ranging market...=(
