FCPO Daily Chart Technical Outlook 13 Sept 2012

 

FCPO Daily Technical Analysis, Commentaries

The FCPO active month contract ended slightly higher on Wednesday as electronic soybean oil prices traded strongly up during the trading session which boosted the local market sentiment. At the close, the FCPO price was up 11 pts or 0.38% to 2,930.

Based on the daily chart, a positive candle with long lower wick formed on Wednesday where it indicated that continued buying interest buoyed the FCPO price. The price rebounded after it had tested for the third time the psychological level of 2,900 but it managed to close above that level when market close despite it broke below that level during the trading session. Since it is able to close above the psychological level of 2,900, there is a high possibility it may want to cover the upper gap. So the upside resistance level, we pegged at 2978-2,990 levels. Meanwhile, the downside first support we set it at 2,900 then follow by 2,874.

Referring to the MACD Histogram, it is building up in the negative zone. Meanwhile, the MACD line crosses below the signal line where the bearish sentiment will be building up in the near term. We should monitor closely the change in the MACD line. As always, intraday support and resistance levels will be eyed.

Technical indicators:

MACD= Negative, ADX= Negative

Intraday technical support & resistance for 13th Sept 2012:

1st support 2900-74; 2nd support 2838

1st resistance 2970-90; 2nd resistance 3030

FKLI >>> Bears To Check Bullish Upside, Sideway Trading Envisaged.

FKLI Daily Technical Analysis:

The FKLI spot month contract closed lower on Friday as regional markets traded lower coupled with market took their cues from the overnight bad performance on DJIA weighed on the market sentiment. At the close, the FKLI price was down 6 pts or -0.36% to 1,648.5.

From the daily chart, price retreated to as low as 1,645.5 in the late trading session and it had formed a negative candle on Friday. As we can see in the chart, price briefly broke below the uptrend support line but it was able to bounce back and closed slightly above the uptrend support line. Our review remains unchanged, where the price is able to stay above the uptrend line, it may bounce back. Otherwise it may fall further if it violates and closes below the uptrend support line.

Referring to the MACD lines and MACD Histogram, both indicators are not providing a clear signal at the moment. As always, intraday support and resistance levels will be eyed.

Technical indicators:

MACD= Neutral

ADX= Positive

Intraday technical support & resistance for 27th Aug 2012:

1st support 1644-40

2nd support 1633

1st resistance 1657.5

2nd resistance 1662

 

HAPPY TRENDING

Good Morning Charts & Commentaries : DJIA 60 mins / FKLI Daily

Wall Street Bulls Hit Back

 After dropping 100 points out of the gate, the Dow Jones Industrial Average (DJIA) performed an about-face, blazing a steady path higher in afternoon trading. Early on, slower-than-expected growth in China, as well as a jeopardized triple-A credit rating for France, weighed on the bulls. However, celebrated earnings reports in the banking sector -- primarily those of Goldman Sachs (GS) and Bank of America (BAC) -- helped stocks climb out of the hole, as did solid sentiment data on the housing front. Furthermore, a round of media reports touting France and Germany's agreement to bolster the euro-zone rescue fund added fuel to the bulls' late-session fire, helping the DJIA to a 180-point lead by the closing bell.

 After falling as low as 11,296 in intraday action, the Dow Jones Industrial Average (DJIA – 11,577.05) climbed to a gain of 180.05 points, or 1.6%. Only IBM Corp. (IBM) and Coca-Cola (KO) ended lower, succumbing to earnings-related losses of 4.1% and 0.4%, respectively. Meanwhile, Bank of America paced the advancing blue chips with a gain of more than 10.1%.

Jump Not The Gun

OK, so Tuesday's profit takings were a little overdone but that cannot be construe as a reason for a total sentiments reversal. Those who SHORTED the FKLI at of before the close will be having a tensed & pent-up trading day. 

GOODLUCK2ALL