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Weekly FKLI & FCPO Outlook: 10 to 14 July 2017

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Publish date: Mon, 10 Jul 2017, 11:03 AM
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FKLI & FCPO Outlook:

FKLI & FCPO Video Version:

https://www.youtube.com/watch?v=L6ZepyYUDxY

Text Version:

FKLI

 

FKLI triggered our downtrend signal that we had prepared last week. FKLI did had a downtrend and hit our first downtrend target of 1,762. Based on the latest price action, do you noticed that sellers are now firmly in control of the market? Majority of the sellers are firmly concentrated in 1790 zone and 1780 zone. In addition, FKLI also formed a lower lows. This shows the dominant market structure now is downtrend. Besides that EMA 8-13 in the day chart is in the state of deadly cross.
 
Going forward, if EMA8-13 remained deadly cross and prices below 1,770, I believe FKLI will continue its downtrend. First downtrend target will be 1,754 and second downtrend target will be 1,743. Risk management will be 1,770 zone.

 

FCPO

FCPO did had an uptrend last week and triggered our uptrend signal that we had prepared last week. The benchmark palm oil futures formed an EMA8-13 golden cross and prices also closed above 2470. It triggered our "professional long signal". It also changed its market structure when it started forming a series of higher highs and higher lows. Meaning the buyers overwhelmed the sellers and started pushing prices higher. The daily price action also formed a double bottom price action.
 
Going forward, with these information, I believe FCPO will continue to trend higher as long as prices above 2,500 and EMA 8-13 remained golden cross. First uptrend target will be 2,610 while second uptrend target will be 2,680. Risk management will be that 2,500. Meaning if prices breaks below 2,500, it could negate my uptrend analysis.

Events to watch out this week (Msia Time)

Every 10th biz day of month, Malaysia Palm Oil Board’s Palm Oil stocks data. Expect some price volatility for FCPO. Take good care of your trades.

Every 10th, 15th, 20th, 25th and last biz day of month, ITS & SGS Palm Oil export data. Expect some price volatility for FCPO. Take good care of your trades.

12 July, 10.30pm, Weekly Crude Oil Inventories. Expect some price volatility for WTI Crude Oil. Take good care of your trades.

Upcoming Event:

Click here for registration! See you there :)

 

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