I might be in a rush this morning so I will post the daily levels first and come back and finish the weekly range a bit late.
Alright lets get going.
Tonight we will have a host of economic numbers in the US. We closed down a lot to end last week in the red as per our weekly update post yesterday.
FKLI:
What to expect for today:
Well we already know we will gap down today. We also know that the lower trend line are getting less steeper which signifies the weakening of the uptrend in the longer term. I think the pull back in the US market is not done yet as we closed the week down, but at the same time, I don't expect this to me a major reversal, just a regular pull back. I think we will go down to test some of the support areas again this week and I do expect them to hold. Otherwise, we will be looking at an even larger pullback in the days to come.
Just like last Friday when we gaped up 10 points in the FKLI during open, we have to watch how big is this gap down. If it is overdone again, we might try to fill the gap back up. Be watchful for that. In any case, whether you are buying or planning to sell, you need to make sure that the respective support and resistance areas are holding nicely before entering the trade. If you are trading a breakout, make sure you have identified your ranges carefully and there are sufficient strength in the market to support a move all the way to the next level of support and resistance.
The levels for FKLI today are:
Upper resistance: 1597, 1601, 1604
Lower support: 1590, 1588, 1585, 1581, 1578
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The levels for the Cash Index for today are:
Upper resistance: 1609, 1616
Lower support: 1595, 1592, 1587, 1583
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Alright guys, sorry about this morning.. I had a lot to do this morning and couldn't get this done before the market opened. So here goes..
Weekly Range for KLCI Index
Alright.. These are my weekly ranges for the Cash Index
Possible Upper Weekly Range: 1602, 1609, 1616
Possible Lower Weekly Range: 1595, 1587, 1583, 1577
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FCPO
Alright traders.. FCPO has filled the gap as we have mention in our earlier post. Whether we will break above depends a lot on the performance of the other grains product such as the Soybean Oil, Soybean, Wheat and Corn futures. As of this moment, the other grains product are having difficulty to push above and close above their respective support and resistance levels.
We will be watching the price action of the other grain products closely and how it effects our FCPO contract. You can read about our weekly update on the other grains product by clicking here.
These are my weekly levels for FCPO:
Possible Upper Weekly Range: 3622
Possible Lower Weekly Range: 3440
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Alright.. talk to all of you during our daily morning updates! Ciao!
Best Wishes,
Tech Trader
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