Wednesday 30 May 2012
There are more bearish news than bullish ones affecting the market today.
Firstly, Dow Jones dropped -160.83 points as the US Treasury 10-year yield slid to a record while American home sales declined ;
Secondly, the Euro weakened to a two-year low as Spain struggled to recapitalize its banks while concern grew about Greece's future in the euro.
FKLI may see a significant drop today as it is also due for technical correction from yesterday's uptrend.
Friday 25 May 2012
25th May 2012 ; 6pm
FCPO July opened at 3072. Highest at 3151. Lowest at 3044. Closed at 3130.
FCPO is currently on uptrend.
FCPO ended higher on Thursday on bargain hunting following the big drop on Wednesday, although gains were curbed by continued fear over the euro zone crisis. The uncertainty surrounding the debt crisis dragged palm oil down to its lowest in 2012 while August FCPO touched a five-month low of 2,993 on Wednesday, a level not seen since December 19. Locally, demand is still strong due to rising export data and the upcoming Muslim fasting month. As such, FCPO may continue to rebound and is expected to sustain around 3200 for the next 2 months.
Opportunity to long at 3044 and take profit at 3147 ( 103 points x RM25 = RM2575)
FCPO July opened at 3072. Highest at 3151. Lowest at 3044. Closed at 3130.
FCPO is currently on uptrend.
FCPO ended higher on Thursday on bargain hunting following the big drop on Wednesday, although gains were curbed by continued fear over the euro zone crisis. The uncertainty surrounding the debt crisis dragged palm oil down to its lowest in 2012 while August FCPO touched a five-month low of 2,993 on Wednesday, a level not seen since December 19. Locally, demand is still strong due to rising export data and the upcoming Muslim fasting month. As such, FCPO may continue to rebound and is expected to sustain around 3200 for the next 2 months.
Opportunity to long at 3044 and take profit at 3147 ( 103 points x RM25 = RM2575)
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