Seems like all the major market daily chart also having the same formation including DJIA daily chart. With the current negative sentiment that we are having globally, needless to say DJIA also facing the same thing. Chart wise, should the trend line support level broken, further downside are likely to happen. Hong Kong Hang Seng futures closed at 51 points discount toward it's cash market and at last look, European market also trading in the red zone and last but not least DJIA futures market down 61 points at 9771.
Looks like the FBM KLCI daily chart MACD negative divergent is still valid for a potential sell down.
Crude palm oil futures traded weaker today down 18 points to closed at 2152 due to bearish sentiment development on soy oil futures price. Touched and closed slightly above the mid Bollinger band = the side way market has yet but almost turned negative with the posibility of moving either way at this point. Bollinger band width contracted for the second day = still a side way downward correction biased market. MACD Histrogram lower = selling activities monopolized today's market.
When to buy : buy on weakness or support level with quick cut loss and profit.
When to sell : sell on strength or resistant level with quick cut loss and profit.
A big slam dunk black bar candle day for FKLI that closed 8.5 points lower at 1245.5. The black bar candle also touched and closed at the ploted trend line and mid Bollinger Band = the downside correction is very crucial at this point as there might be support coming back into the market or the correction might take a further deeper dive. Bollinger band remained narrowing = downward correction to continue or side way market. MACD Histrogram parachute fall has yet to paused = seller has won the war again today.
When to buy : buy on weakness or support level with quick cut loss and profit.
When to sell : sell on strength or resistant level with quick cut loss and profit.
I've just noticed that FKLI hourly chart has formed an head and shoulder break down! According to the projection of the head and shoulder, FKLI could possibly fall further to 1233 level.
FKLI closed at 1251 down 3 points. Trading below mid Bollinger band = market is still doing downside movement correction. Bollinger band width stopped expanding at the last bar = possible side way or pull back. MACD Histrogram stay nearly flat = selling activity started to slowing down. Overall market still doing correction.
Crude palm oil trade 8 points lower to closed at 2162. Seems like a cut loss day for medium term long position trader. Price still trading below mid Bollinger band = market is still favour a downside movement. Bollinger band width also keeping its expansion pace = there still room for market to move lower. MACD Histrogram stay nearly flat over the last 4 bars = selling activity has yet to turned aggressive thus it is important to monitor the MACD Histrogram movement for any potential downward movement or a possible pullback.
Weekly chart wise, Titan Chemicals still doesn't look convincing enough for it to sustain its upward movement. With Bollinger band width narrowing and MACD Histrogram stay near the zero level. Support level stand at 1.09 and resistant level at 1.36 for weekly chart.
At last look, soy oil futures is trading up 0.28 at 37.70 after closed lower yesterday. FCPO traders will need to monitor soy oil futures price closely due to the current side way market.
Crude palm oil futures closed lower today at 2170 down 48 points. Still managed to keep itself above mid Bollinger band = market is still supported in a side way ranging market. Bollinger band width wider by a fraction = market volatility remained remained in a smaller range. MACD Histrogram fall lower = seller participation outnumber buyer today. Overall still a side way ranging market. Must monitor US Dollar, soy oil and crude oil price developement closely for direction guide.
When to buy : buy at support or break out with with quick cut loss or profit.
When to sell : sell on strength or if support broken with quick cut loss or profit.
A big doji day for the FKLI to closed 7 points lower at 1254 as market recovered during last minutes still doing 6 points discount to our cash market. At last looked, European market traded slightly higher. At closed Hang Seng futures is doing premium of 21 points towards its cash market. Daily chart wise, nearly touched the mid Bollinger band and bounced up to closed above mid Bollinger band = market continue to consolidate with a downside biased but potential support at the trend line or mid Bollinger band. Bollinger band width also narrowed = a smaller range side way market. MACD Histrogram dived into danger zone for the first time after holding on for 12 days = seller won today battle strongly. It would be crucial to monitor the support level from now on to determine the direction of FKLI in the near term.
When to buy : Buy at support with cut loss few points below support.
when to sell : Sell if support broken with cut loss few points above support.
OR choose to stay sideline.
The Dow ended down 109.13 point to closed at 9972.18 below the 10,000 level. Chart wise, closed just below mid Bollinger band = market has just turned into negative sentiment. Bollinger band width also start to narrowing = the downward correction will continue. MACD Histrogram comtinue to falled and into negative territory = seller ruled the market substantially. Current immediate support stand at 9800 level. Coming days will be crucial to see if the Dow can stay at least near the mid Bollinger band before any hope for the market to climb upside.
