Weekly FKLI FCPO Market Outlook: 21 to 25 Aug 2017

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Publish date: Mon, 21 Aug 2017, 09:56 AM

FKLI & FCPO Weekly Outlook Youtube:

https://www.youtube.com/watch?v=g3TiOtDEa7I&t=15s

FKLI & FCPO Weekly Outlook Text:

FKLI

This is the FKLI day chart. If you remembered my last week's analysis, I mentioned if prices can stay below 1770, it will drop to 1750. The index instead went down to a low of 1,764.5 and then went up again. As a result we only managed to earn a few points from FKLI. Going forward, last week price action contributed to this swing and this is how we are going to attack this chart for this week. The first thing we are going to do is to look for a KEY FLIP ZONE and what I meant by flip zone is a key reversal area that the market had an obvious turnaround. Looking at last week's price action, FKLI gave us this 1765 zone. Hence this is how we are going to build our plan of attack: 1) if price can stays above 1,765 zone, 2) price forming higher lows & highs, we will be looking for opportunities to long the market.

First uptrend target will be 1,787, which was the previous flip zone where the markets had an obvious turnaround. If that flip zone been taken out by the buyers, the next flip zone is the 1,800 psychological round number, where the market treats it as an important milestone. 1,765 is the risk management zone. Buyers are judged to had lost the battle and we could see sellers try to push the market to either 1,750 or 1,730 if there are candlesticks below 1,765 zone.

FCPO

Above is FCPO day chart and if you remembered my last week's analysis, we were bullish biased because price action forms higher highs and lows. FCPO consequently went up to a weekly high of 2,685 and we had a good trade. Going forward, our plan to attack for this week is still the same: which is bullish biased as long as 1) price action form higher highs & lows, 2) prices above the 2,650 flip zone. Now you may asks why 2,650 was picked. The answer is simply because when you look back in time, you will noticed whenever buyers broke the 2,650, the FCPO had a very strong upward movement? Hence if you are looking for buying opportunities, you have to ensure prices are above this 2,650 zone. For added "insurance", price need to stay above the EMA13.

Uptrend targets are 2,700 and 2,750 with risk management at 2,650. Sellers likely to come into the market and pushed it down to either 2,621 or 2,568 if prices stay below 2,650.

FKLI, FCPO & Forex 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.

23 Aug, 3pm, ECB President Draghi Speaks. Expect some price volatility for EUR currency pairs. Take good care of your trades.

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

24 Aug, 2am, UK Q2 GDP. Market expecting a 0.3% rate. Expect some price volatility for GBP currency pairs. Take good care of your trades.

25 Aug, 10pm, FED Chair Yellen speaks. Expect price volatility for USD currency pairs. Take good care of your trades.

26 Aug, 3am, ECB President Draghi speaks again. Expect some price volatility for EUR currency pairs. Take good care of your overnight trades.

DISCLAIMER

The information contained in this article is for reference only. No individual financial goals & risk appetite have been taken into account. Futures trading involve high risks.

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