Thursday, November 19, 2009

FCPO Technical Outlook

Good Morning ya' all, todays menu on equity would MAXIS listing, that would the headlines for any business section on any major newspaper today.
-Dow Jones down marginally by 11.11 points to 10426.31, after earnings of technology companies is below the expectation, dragging down Dow Jones from its 13months high. Market expectation has risen after series of positive earnings have been reported. Meanwhile crude oil gained for the 3rd day after industry report showed US stockpiles declined after a Gulf of Mexico hurricane, the fall in value of dollar also make commodities a way to hedge against inflation.
-The weather bureau also upgraded a heavy rain alert for Kelantan and Terengganu areas, stating heavy rains will likely continue until next Tuesday in several areas and may cause floods in areas near rivers. While the current monsoon isn't likely to eat into palm oil stocks, sentiment is being affected as floods and heavy rains may disrupt oil palm harvesting. -By Shie-Lynn Lim, Dow Jones Newswires.
-Oil traded near $80 a barrel in New York after rising yesterday as a government report showed U.S. crude and fuel supplies dropped along with refinery production and imports. NYMEX crude oil for December delivery rose 44 cents to settle at $79.58.

FCPO Daily Chart

Told ya its an uptrend, break away gap confirmed, oscillator with higher high formation, uptrend confirmed! Let see how high this baby can go. Target retracement level would be 2,525 based on Fib projection of 161.8%.
Disclaimer: The author is not liable for any loss incur due to this write up and trade recommendations made by this websites.


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