Wow, what a day, again! How did everyone do today?
This was the exact replicate of the price action of yesterday! For the first 10 minutes at least!
Alright lets proceed with the day's summary. I left my pen drive at the office again so no pretty chart for you all today.. apologies.. haha..
We traded to the following levels today:
FKLI:
Opened at 1568.00 from yesterday's close of 1574.50
High: 1577
Low: 1558
Closed: 1576.50
Cash Index:
Opened 1580.57 from yesterday's close of 1583.80
High: 1583.29
Low: 1579.04
Close 1582.28
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Our trading levels for this morning was:
FKLI
Upper Resistance: 1578, 1580, 1583, 1585, 1587
Lower support: 1575, 1572, 1569, 1564
Cash Index:
Upper Resistance: 1587, 1590, 1592
Lower Support: 1583, 1580, 1576, 1573
For the Index, we traded between the two lower support of 83 and 80 throughout most of the day. We did in fact touch a low of 79 briefly but the second support held nicely.
As for the April's futures contract, we opened lower at 68, and then a big sell order came in and overwhelmed the levels and replicated what happened yesterday. We traded down to 58 in a flash! But today was a good day.. coz we were able to take opportunity of this flash drive down!
During matching just before the market opened, we noticed that the matching went as low as 44s level which was quite scary. What we did was, if it would drop so quickly and so much again without any valid reasons, we knew that it would not last.
So what we did was park a limit buy at 60. Right after market opened at 68, as we expected, price went down to touch 58, which filled our long orders and went back up to 68.50 immediately right after that. I exited with a cool 8 points profit from the trade. :)
Then we traded up to a high of 75 after that. One of my trader friend Teo had wanted to sell at the top here at about 74.50 but he did not do take the trade. If he did, it would have been a good scalp as price went down to 70.50.As for me, I wanted to buy when price tested the 70s level but in the end, did not page any order here as well because both of my traders are looking for price to go lower. I have already achieved more than the daily target so I did not have to take additional risk.
Price was pretty flat after lunch opened and we did go back up to test the 74-74.50 highs and a pull back to about 72.50. Towards the end of the day after cash closed, it was expected that if price broke out of the 75 high, it would spike up, which it did and touch a high of 77. I did not take this trade too but it is ok with me. It was almost the end of the trading hour already anyway.
So, a good day here and I hope the daily levels that I'm posting are helpful to all of you as it is for me.
Ciao all!
Best Wishes,
Tech Trader
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