Monday, April 19, 2010

FKLI and FCPO Daily Commentary for 20th Apr 2010

FKLI Apr Futures contract plunge 14 points lower to close at 1322 levels as compare to previous trading session to with a total of 5,808 lots traded in the market. FKLI traded lower since open for trading as news release on Goldman Sach being inquiry by SEC regarding on the subprime matter. Regional indices and Dow Jones futures electronic trading were traded lower during trading sessions.

FKLI continue trading south after manage to break below previous support levels at 1333.5 in previous trading days and manage to meet support levels 1320 regions; 50%, 178.6% and 100% Fibonacci support levels. Technically, FKLI seems temporary supported above 1320 support regions to complete wave 4 and attempt to penetrate higher in the 2nd trading sessions to begin wave 5 but failed. Hence, FKLI retrace 50% Fibonacci support levels at 1322 upon closing. Support levels for FKLI trading seen at 1320 and 1313 regions while resistance levels seen at 1326 and 1336 regions.

FCPO 3rd month July futures contract traded RM48 lower to close at RM2470 levels as compare to previous trading sessions with a total of 9,266 lots traded in the market. FCPO price was traded lower as soybean oil and crude oil were trade lower either it’s overnight or electronic trading.

FCPO price penetrate previous support level RM2500 and headed south during trading sessions but soon consolidate and retrace 78.6% Fibonacci support levels at RM2462 regions. Technically, FCPO price complete minor wave 3 at RM2455 regions, 161.8% Fibonacci support levels and attempt to begin wave 4 where support levels were seen at RM2462 and RM2440; 150% and 200% Fibonacci support levels. Resistance levels were seen at RM2499 and RM2510; both were 61.8% and 78.6% Fibonacci resistance levels.