Tuesday, 15th jan 2013. Palm oil futures settle slightly higher yesterday as investors awaits further demand data that will be announce later on today. Other news to follow.
"- Apple Inc.'sAAPL -3.57% near 4% drop wiped out $17 billion from the U.S. stock market on Monday, pushing two of the three benchmark indexes into negative territory. The S&P 500 indexSPX -0.09% finished down 1.37 point, or less than 0.1%, to 1,470.68. "It would be positive without them," Howard Silverblatt, senior index analyst at the S&P Indices, said of the company's impact on the index of 500 public companies. The Nasdaq CompositeCOMP -0.26% shed 8.13 points, or 0.3%, to 3,117.50. The Dow Jones Industrial AverageDJIA +0.14% added 18.89 points, or 0.1%, to 13,507.32. "
"- Asia stocks mostly declined Friday after a sizeable increase in Chinese inflation, but Japanese shares advanced on the back of fresh losses for the yen.
"-Oil futures closed above $94 a barrel Monday, their highest settlement since mid-September as a weaker dollar helped fuel a broad climb among commodities. February crude oil CLG3 -0.10%rose 58 cents, or 0.6%, to settle at $94.14 a barrel on the New York Mercantile Exchange."
"-January Soybeans finished unchanged at 1459 3/4, 4 1/2 off the high and 39 up from the low. March Soybeans closed up 44 3/4 at 1418. This was 41 1/2 up from the low and 5 off the high.
FCPO- Bearish Sign Become Significant.
The rally that occur on morning session was quickly wipe out as high price that recovered closed to yesterday resistance level draw Sellers attention. Still playing in Bearish tune, most aggressive Sellers found it easier to Short the market when it approach resistance level rather than to become Buyers due to the preceding Bearish sentiment. Traders have to identify quickly when is the turning point of the market especially when there is no follow thru Buying when the price hit certain resistance area or stop falling when it hit certain support area. Bear in mind that, support is likely irrelevant if the downtrend is just begin while resistance is useless when the uptrend has identified. But for opposite analysis, resistance is commonly use to trade a fail rallies when there is no follow thru Buying interest when the price hit certain resistance area and support is very reliable to identify temporary price bottom after there are at least two Bullish divergence on 15 minutes chart. Technical medium perspective for the benchmark March price action is likely remain Bearish judging from a new lower high formation formed on hourly chart yesterday. But for today, traders can expect some promising recovery this morning amid Soy oil significant overnight rallies which may due drier weather forecast for Argentina and southern Brazil. Pivot support for the benchmark March is located around 2,350, while resistance is pegged at 2,422.
Daily Pivot Point
R2= 2422
R1= 2396
S1= 2350
S2= 2330
Disclaimer: Information and opinions contained in this report are for educational purposes only. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness.
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