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CPO is still trading at a Range of 2400 to 2500. Support is at 2500 as long as US Crude Oil Price don't drop below USD65.
KLCI will soon rebound as its near its bottom soon, the immediate support now is at 1230 and then 1200. If both breaks, we will see another downtrend towards 1180.
World Markets took a dive again today as I have predicted, I hope you all have shorted after 1350 as the market was reach its peak, but now I think market will bottom out soon. after KLCI drops below 1200.
It would be a good time to prepare some cash to pick up quality stocks then. :)
US Market & Regional Asians Market including our KLSE & KLCI Index Break new highs today. Tonight US Market should break US Dow Jones 11,000 if this momentum continues hence breaking a new resistance level, KLCI Futures should break 1350 tomorrow if tonight US market is very bullish.
From the Charts you will see that Most Regional Markets are near its peaks so get ready to take profits and set a stop loss if there is a sudden change of trend.
For the KLSE & KLCI as long as the volume traded are still more than 1 Billion then we are still in a strong bullish uptrend, if the volume goes less than 800 Million. Then its a not so bullish and more into a consolidation level. Get read to take profit anytime :)
CPO Has already gone down to RM2570 while USD Crude Oil has hit new high of USD85.67. Expect CPO to Rally after it soften down to RM2500 level soon.
CPO Market suffered a Slump of almost 120 points from 2726 due to Corn Oil and Soya Bean Production Over Supply at South America, this has resulted a Sell off at CPO here. Corn Oil Price are now more stable and is rebounding, so good time to Long CPO when its lower now. Estimate that CPO Prices will break 2850 within the coming 2 months.
Oil Price maintain above USD 82.00 for now, testing USD83.00 a few times. Everytime Oil goes up every USD1, CPO would go up about RM25 if Corn Oil and Soya Bean Oil also increases.
Futures is facing some resistance at 1305. Should KLCI breaks above 1300, it should break 1320 before it goes up to 1350.
KLCI & KLCI Futures is strong and holding above 1290 Level. Testing 1300.50 for a while.
US market is holding strong at DJ 10,600 points. Should this support is broken and breaks below 10,000, we will be looking at KLCI testing 1250 again.
After 6 weeks of waiting, with no positive affect from Maxis IPO Listing. KLCI Futures finally hit 1300 Level. Volume has started to come in for KLSE and Volume is strong above RM1 Billion.
With US Dow Jones Market Breaking 10,608 last night, KLCI should be break 1,300 soon. Market is now on an uptrend and more on Oil/CPO Rally. Rubber & other Commodities is also on an Uptrend.
KLCI is on an uptrend to break 1,300 Level Soon.
I have been trading CI Futures, but I am now more focus on CPO which went up from Rm2,200 to Rm2,700 within the last 3 months. CPO is definitely more active and more interesting and easier to trade than KLCI Futures.
For the past 2 weeks US Light Crude Oil has went up from USD68, touching USD82.47 just now even. CPO look like on track for RM2700 to RM3000 should this Oil/Soya Bean Rally continues.
With this Icy Winter, Stocks Counter that are Oil related are also among the top volumes. I maintain a bullish look on CPO to Rm2750 for this week and will break Rm2800 soon, Current support is around RM2680.
As I have predicted, KLCI Futures is on its way to 1300, and with Maxis IPO Listing. Everything is very positive. News from US Market is very positive as most markets are consider in a Strong Recovery. This might last for another month or so, I am more cautious after US DJ Breaks 11,000.
The Maxis IPO will be listed on the 19th Nov 2009, it has bring in alot of Foreign Funds and the Telco Sector would more or less move. YTLE might be a good buy if you haven't manage to get the Maxis IPO.
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From the Futures chart, it shows a beginning of an small uptrend. If it pulls back, it won't be more than 20 points. opportunity to long and good to sell higher if US market goes up and our CI Futures Opens Gap up. I prefer to buy more when the market is lower and sell again when our CI Opens Gap Up.
Maxis IPO most likely will bring a short term rally into our KLSE, plus good news from regional markets & China Markets. Telco Shares are the focus for the coming two weeks.
Axiata & TM might face some profit taking as funds will sell them to buy Maxis. So the CI would be slightly mixed with more uptrend positive signal.
Following the positive financial results from Apple and Texas Instruments that blew pass the analyst expected results, US Dow Jones went up as high as 10117.96 to close at 10092.19. Market seems quite bullish as even now US DJ Futures is up.
For those of you that's trading Futures, this weeks there will be almost 125 S&P 500 Companies making releasing their financial results, which majority will blew past expectation.
KLCI & KLCI Futures Chart is currently at its highest since it hit 800 points. Market is very bullish but beware of peaked signals and profit taking. There will no doubt be some slight profit taking, put a Profit Trailing Stop. Go in again then MACD and Stokastic signals are confirmed.
US Dow Jones Break 10,000 Points, back to 1 year high because the crash down to 6,500. Due to JPMorgan's Extremely Upbeat quaterly results which was 6 times better than the same quater last year. JPMorgan was still earning 257 Million last year when other Banks will doing massive writedowns and asking for government Bailout or Financial Aids.
Intels Great 3 Billion USD Profit also help pushed the US DJ to a positive +100 start up when the market just opened at 9:30p.m. last night Malaysian times.
Tonight will be the Quaterly result announcement for Goldman Sach and CitiGroup. Hopefully their results will beat expectation and the market will rally again.
US DJ Daily Chart still shows a positive rally, Stokastic shows that its a bit overbought and might have some profit taking before the market rally again tonight :), but on the long run, there is no down trend signal, maybe just a slight profit taking. The Bull must rest for a breathe, before running again.
KLCI Chart shows the same positive momentum for Regional Markets & DJ.
From the Technical Chart Point of View, CI Futures is on a Strong Uptrend, but might face some profit taking coz its a bit over bought now, but Daily chart is still on a Strong Uptrend.
Immediate Support for KLCI Futures is 1248, Resistance at 1260, however, i believe that it will be broken today.
2nd Resistance is 1270, Support at 1250.
3rd Resistance is 1285, Support at 1270.
That's it for today, if you wish to enter, remember to put your stop loss, if I don't update this blog, meaning that I still think the market is on an uptrend for now.
The US & Regional Market has been quite bullish for the past few days after a two week minor correction. KLCI Futures went down to 1200 where a strong support is formed. And has rallied to 1235 Level since Monday.
Currently a resistance is forming near the 1240 level and support formed at 1230. If you notice, the KLCI Futures is always normally about +4 Point Premium from the KLCI Index. Now KLCI is 1230, where as the Futures is 1234, it was as high as 1236.50 where the signal was super bullish.
Do expect a slight pullback after it breaks 1240, and good entry point again would be 1230 to long with 1225 as support.
KLCI Shows that there is currently a beginning of an uptrend, however, expect a slight rest after a week of rally, next week alot of Banking Results will be released from the US, so do be careful.
In summary, my view on the market. US DJ must break 10,000 for the KLCI Futures to break 1250. DJ is now 9786.87, just another 213.13 points to 10,000.
KLCI Futures is now 1234, just another 16 points to 1250. I don't wanna predict 1300 for now coz market might see some pull back when hitting 1250, I follow MACD, Stockastic and RSI in the charts strict, if the signal is good, I will still hold my positions and let the bull run. Else just take profit and enter again when the market is near bottom using 5 min, 15 min and daily chart to strategize.
Good Luck with your trading and remember to monitor buyer/seller volume. Currently my view for futures is:
Imemediate 1st Support 1230, 1st Resistance 1240. 2nd Support 1225, 2nd Resistance 1250. 3rd Support 1220, Strong Resistance at 1260.
Market slighly showing weak signs as the support of 1210 for KLCI was tested today.
The Regional Market has break new highs last week and Dow Jones was closing to 10,000 to 9,917 before it pulls back down to 9600 level. Curently as I write this blog, Futures is trading at 1213.50 for Spot month. Which seems support at 1210, but if tonight US market continues to drop. The Next Support level will be 1205.
Personally I think the market is doing a slight pull back and testing the support 1210. if it doesn't break, it will go up back to 1230, and if the momentum continues to be uptrend, 1250 and 1300 is possible in the long term.
Charts shows momentum and volume and getting slighly weak due to the less than expected news from the US Economy, its not too bad, so maybe just a slight pull back.
In Summary, the current Support is at 1210 for CI and Futures, Resistance at 1225 for both.
1st Support is 1210, 2nd Support is 1205, 3rd Support 1198. 1st Resistance 1220, 2nd Resistance 1225, 3rd Resistance 1232.
Market wouldn't fall too badly as long as the Futures is still 4 or 5 points premium of the CI Index. What goes up must come down, as pull back. Also I am testing this formula that if US DJ Drops 50 points for example. our worst case Scenario for CI would be to drop about 10 points.
And if DJ Went up +50 points, our CI/Futures Index also go up maximum 10 points. That was the case when CI went up 10 points and breaks high at 1231 last week, then it soften down.
After a 2 day Hari Raya Holiday, US DJ once again closed higher last week at 9829.87 and CI most likely will open higher and breaking 1224.50 higher.
It is estimate that if DJ continues to break 10,000, CI most likely will break 1250. Market looks like getting ready for another rally.
US DJ Chart sounds positive and strong uptrend for now. Nearing a peak hower, be careful when DJ reaches 10,000 and a posible pullback might occur.
KLCI & Futures Chart shows more positive and strong uptrend for now. Market might be low sentiment this week but judging by the strong uptrend, everything looks good. If you are not sure, be ready to Buy contract at lower, currently there is a strong support at 1215 and a resistance at 1225. If 1225 is Broken, we are looking at 1235 as the next Resistance.
Its has been a week since I last posted this blog and it also there isn't much to post as the market has been quite bullish uptrend as I last predicted.
It not only break the previous high of 1189.50, its now at 1221 Highest level already, which is almost 70 points up from previous support of 1150. I was very cautious with September month and I had no idea that it would be so bullish this round.
Dow Jones has broken 9700 and is just another 300 points closers to 10,000. Once it breaks 10,000, CI should break 1260 also. I am not predicting that CI will break 1260. It still all must come back to charts and trends. However, for the short term for this few days, I am still at Long Position. Do expect a slight pull back as stockastic is trending down a bit, however, there is no big crash coming yet according to the charts.
KeyNote: I notice that the last few days, the KLCI Gain Range is almost the same as the Dow Jones, example, Dow Jones was up like 56.61, so lets say KLCI was also up 5.51 = 1212.98, with Futures about 5 points premium. Which is about 5 points, 1212.98+5 = 1218 (Round Up). Futures is now about 5 point premium of KLCI, which means the market is still in bullish trend.
US Dow Jones went up +96.66 due to Reduction in Job Loss Claims, however Unemployment Rate has risen to 9.7%. Market seems like on a uptrend for now. Monday will be US Labour day so Monday night US Market is Closed.
There seems to be alot of positive news from Bloomberg and the US market regarding the recovery from the US Recession.
US Dow Jones charts seems to show a starting of a Uptrend Market.
Our KLCI Charts also shows that its following US Market closely, with KLCI going on an uptrend now. MACD & Stokastic shows slight uptrend and KLCI Daily Chart shows Parabolic One Dot on Bottom so its just starting to be uptrend.
KLCI Futures Daily Chart is also showing the same thing, with the last 3 days the CI Futures Spot Month continues to Close at the Highest Point. Hence Confirms KLCI is now starting a Bullish Trend, however, do expect a pull back. I expect the KLCI futures to be breaking the Year high of 1189.50 next week. Possibly testing 1195.
US Dow Jone went up slight +63.94 points last night. Looks like positive uptrend again this morning. Perhaps up to 1177 + 6 point = 1183.
Future highest was 1189.50, will it break higher today?
KLCI Daily Charts looks strong and on a uptrend temporary. Futures closed highest at 1177 yesterday, Good Uptrend Signal, MACD and Stokastic still on uptrend.
I am an active Stock & Futures & Forex Trader on the KLSE market and Forex Market. I am currently a Commissioned Futures Broker at OSK Investment Bank Kuching. I will also be joining OSK as an Equities Remeiser after December 2009.
I also will be trading Forex Market soon.
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