Did a quick late night analysis on FKLI & FCPO.
On FKLI, not much of changes since my posting yesterday.
We see another failed test of 1,700, 3rd time in the past few trading days, which is nothing but bearish for the rally.
Given the boring state of FKLI, I was hunting in FCPO instead.
FCPO indeed offered some great shorts these few days, with a small double-top completed around the peak of 2,500.
Today, price rebounded from 2,380 low & ended on a high of 2,413. There's a smell of slight bullishness, traders might be covering their shorts ahead of the MPOB Dec'12 crop data, due out tomorrow (Jan 10).
On the technical front, I'm seeing a H&S forming on FCPO 60m chart.
Let's see if we are in the progress of forming the RHS-shoulder of the pattern.
So far, the indicators are supporting my right shoulder theory, with MACD & RSI both diverge from the bullish price movement.
We will see when price reach 2,440-50 region, to confirm the indicators bearish divergence.
If we do have a H&S, it will be quite a drop, with major support only coming in at 2,300 & 2,230, namely.