FBM KLCI Daily Chart >>> Support and Resistance 17072013

GOODLUCK

ZLBT Random Stock Pick >>> AZRB (7078)

Technical Comments: Due to overbought technical momentum, any further rally on AZRB towards RM1.10 (14/2/12 peak) or higher should encourage selling prior to profit-taking correction ahead, while retracement supports are at RM1.03 (76.4%FR) and 96sen (61.8%FR).

AZRB (7078)

As of 16 July 2013, AZRB has been on a strong uptrend as suggested by the upward sloping 20-Day and 50-Day Moving Averages. In addition, the price just broke the resistance of 1.08 reinforcing the bullishness in the recent price movement. This breakout was accompanied by a higher than average traded volume which shows the enthusiasm of the traders to push the price higher and past this resistance hence giving a higher probability of a successful breakout. HAPPY TRENDING

FCPO Preview, Technical Outlook 15 July 2013

Fundamental

 Palm oil prices hit 2-month low, pressured by latest release of USDA report which raised estimates for soybean planted acreage and ending stocks for this year. Robust global edible oil supplies had thus pressured local tropical oil to post the biggest drop since Nov 5. Furthermore, discouraging Chinese data and weak Indian rupees added to worries over falling demand from these top buyers amid expectations for high-yield production in the second half of the year. NYMEX crude rebounded as demonstration in Cairo on Friday highlighted Egypt’s political instability which continue to threaten oil supply.

Better-than-expected US second quarter earnings of financial sector had been another supportive factor to the market. US soyoil extended losses tracking sharp losses in Malaysian palm oil and on favourable weather forecasts in key growing regions which boost yield potential. Expect futures to trade lower today as prices are vulnerable to continuing weakness and investors might stay cautious ahead of export data due later today.

Technicals

CPO futures lost 71 points to settle at 2301 with substantially higher trading volume recorded for the day. Prices opened lower and had been trading with downward bias throughout the day. The strong sell-off in last trading hour pushed prices to break major support levels, triggering massive stop loss for long position and bringing prices to as low as 2295. The downside movement in prices had created a long black candle which also indicates a wide trading range for the day. The break below support levels and moving averages coupled with bearish MACD indicators lead to a bearish outlook
for the coming session. As such support and resistance can be pegged at 2265 and 2325 respectively.

Strategy

Trade may short with a stop on or above 2325.

FKLI Preview, Tecknical Outlook 15 July 2013

FKLI Daily technical analysis

The FKLI spot month contract ended slightly higher on Friday which was in tandem with the rise in benchmark index. At the close, the FKLI price up 1.5 points or 0.08 % to 1,789.5.

Based on the daily chart, a small positive candle with lower wick has been formed on Friday where it indicated that the FKLI price was supported at the intraday low level. As we can see in the chart, the price traded in a narrow range after it rose sharply on Thursday. However, the price still managed to stay above the support line for second day. The FKLI price may rise further if it is able to stay above the support line in the coming days.

Referring to the MACD histogram, rounding bottom is forming up. As always, intraday support and resistance levels will be eyed.

Technical indicators

 

MACD= Positive, ADX= Positive，

Intraday technical support & resistance for 15th July 2013

 

1st support 1,785; 2nd support 1,780-75

1st resistance 1,793, 2nd resistance 1,800

GOOD LUCK

FBM KLCI Preview, Technical Outlook 11 July 2013

Stocks ended off earlier highs on Wednesday, after initial optimism from overnight Wall Street strength was overshadowed by weaker export numbers from China which confirmed the world's second largest economy is slowing more rapidly. The KLCI still closed up 2.22 points at 1,768.71, off an early high of 1,771.24 and low of 1,766.67, as losers beat gainers 441 to 308 on slower trade totaling 1.22bn shares worth RM1.7bn.

Blue chips should continue to be range bound with upside capped amid cautious trade in the near-term, given the weaker-than-expected economic data from China dampening the growth outlook in the region.

Key immediate support for the KLCI stays at the 50-day moving average, now at 1,765, while a breakdown will grease correction towards 1,738, the 38.2%FR of the 1,597 low to 1,826 peak, , with 1,723 and 1,718, the highest point prior to 13GE, acting as stronger support buffers. On the upside, immediate resistance stays at 1,791, the 138.2%FP, followed by the 1,800 psychological level.

 

 

HAPPY TRENDING