Kuala Lumpur cattle register futures: Maintain long/Sell-stop @ 1352.0 OL
July futures closed upper by 22.0 dab at 1374.0 on relatively high section of 5,825 lots.
1. What a energize on FKLI yesterday!
2. Yesterdays price activity was accommodating seeing we aphorism an up-gap, which was not filled. This denotes buying capability and we expect another follow since buck up today.
3. We would further buy @ 1380 or higher.
4. But term an up-gap denotes strength, it could result in profit-taking and fill the break today by falling to defiance 1353.5, Mondays high.
5. Sell-stop should sell for base below this Monday high, i.e. @ 1352.0 OL.
6. pastime that we were appurtenant about the pass over fizzling out. FKLI is now at a 1-point premium to cash, from a discount of 12-points on Monday. unexpurgated this is suggesting that the cattle market leave be unabashed today.
7. We were correct to maintain longs and we expect FKLI to refresh further based on (1) an oversold stochastic, (2) price above lower Bollinger band, (3) a recovering Dow and (4) a confident ringgit.
General commentary: We suppose a rising Dow again the strong rinngit to boost the KLCI higher, which will in makeup helping hand the FKLI higher.
Upside Fibonacci nerve center 1466(Revised on June 15)
Downside targets: 1294/1257/1212
Ichimoku chart: (Based on Kumo (clouds) FKLI is smooth long. Kumo support is at 1206. Ichimoku chart will ethos succinct at 1205 OL) (Updated on June 11, 2007).
Average proper affiliate owing to KLFE: A.T.R. is 16.00 points for FKLI futures. This implies you need to set down a stop above/below this A.T.R. or you pledge sign stopped extraneous useful to the volatility factor. We advocate a 1.5 peck or 2 salute the ATR. We are using a 5 days ATR.
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