FCPO performed very well today as per our expectation. We opened at 3440 from last Friday's close of 3426. Then we continue to go up all the way to touch a high of 3479 before pulling back a bit of the gains late in the afternoon to close at 3459. Lets see how the grains product perform tonight in the US hours and how it will affect the price for our FCPO tomorrow. If you haven't read the possible weekly range post for the FCPO, FKLI, Soybean Oil Futures, Soybean Futures, Wheat Futures and Corn Futures, you can scroll down and do so at your own pleasure.
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***This is the chart for the spot month of the FKLI Futures contract. *The chart which I post earlier for the possible weekly range is the cash index price - just in case any of you get confused.***
Spot month FKLI traded within a 5.5 point range today as expected. We opened at 1587.50 and traded to a high of 1589, touching a low of 1583.50 and closing at 1584.00. As I have explain in my earlier post this morning, there are important economic indicator and reports coming out this week starting with Bernanke's speech and pending home sales tonight. The reason for this could be due to traders being unsure of the direction of the market and do not want to be caught by a surprised move against them during the announcement of the report and during Bernanke's speech. So trading could be light and choppy in the coming few days.
However, this does not mean that there are no opportunity to trade the Index. Identifying the daily support and resistance point and picking your own spot to enter the trade at these levels. Be careful that you do not be caught buying the high and selling the low as price will tend to trade within a tight range.
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Alright, wishing everyone a great rest this evening. For those of you who are trading the US market, all the best and don't forget your coffee. You can pm me too as I should be awake. :) See you all tomorrow.
Regards,
Tech Trader
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