Wow.. I came into the office at 7 and felt totally relax as I do not need to rush. I think I will start coming in earlier everyday.. for the benefit of all of you out there.. :)
I have decided to use a new post this morning instead of continuing the previous one because I wanted to add the overseas market information into it too.. so lets get going!
We will start off with an update of the overseas market.
The Dow closed up +66 points or 0.50%
The S&P500 closed up +5 points or 0.37%
The Nasdaq closed down -4 points of 0.12%
As of now, the S&P 500 gapped up on opening in pre-market and we are trading at 1408.75 up +5.5 points or 0.41% and the DOW is trading at 13187 up +45 or 0.34%.
Now, it is good that the US market gap up. The other regional markets and ours might follow as well. But gaping up brings with it a different type of risk, which is a 'gap-fill'.
The theory is that gaps tends to be filled, meaning, for example, if we have a gap up, sooner or later, we will have a pull back that will close the gap fully, or partially, before resuming the trend or even totally reversing the original direction of the gap and vice-verse for downward gaps.
But for now, I am happy and am taking the up-gap in the US market as a positive sign that our bullish sentiments are still intact. :)
Ok what are our levels for the FKLI this week.
We will first look at the Cash Index.
Ok in our last post, we believed that the uptrend is still pretty much intact as the lower trend line held nicely and we closed as a nice green healthy green bar.
I think we might have a good chance to make new highs if this strength continues on.
The upper range for the week: 1597, 1600 and 1606.
The lower range for the week: 1587.50, 1583 and 1581.
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April FKLI contract
Ok first off when I came into the office, I notice that the April FKLI contract chart was a bit cacat. I will check with the vendor and it is just a small problem lah.. :)
Here are the Daily Levels for the April FKLI Contracts that I have deduces by using the Cash Index chart and my partially 'cacated' April chart..
Daily upper resistance: 1591, 1595-97, 1600, 1606
Daily lower support: 1585, 1582, 1580
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FCPO
Soybean Oil Future 54.86 up from 53.69
Soybean Futures 1402 up from 1355.50
Wheat Futures 658.75 up from 613
Corn Futures 644 up from 605
Ok as per our weekly update on the overseas market, we have updated that the 4 CME grains that we are tracking as per above closed strongly after the bullish USDA report. I expect the FCPO to gap up at opening too.
Here are the weekly range for the FCPO contract.
Upper weekly range: 3500, 3550
Lower weekly range: 3438, 3374
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Now I am interested to see how we will trade today. Many of the other CME grains are in a consolidation area and that will effect our FCPO somewhat also.
But the chart indicate that the uptrend is still in tact so we will trade accordingly.
Here are the daily support and resistance levels:
Upper resistance: 3477 and 3494.
Lower support: 3441 and 3402
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Ok trade safe all! I will update again whenever necessary.
Best Regards,
Tech Trader
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