This is TF1Hr. Spotted Bearish Bat pattern in this chart. To trade on confirmation, 2440 is the level to break for Long, while 2396 is the level to break for short. The pattern is to be ignored if the price fell and violate the 2nd lower at 2400/2401. Target for this pattern is up to 2480. If for Short, then expecting it to close the gap. Either way now, i am expecting wave 3 to underway. As you know wave 3 is strong wave in EW.
SOYBEAN OIL
This is TF4Hr Chart. A spike in the morning just about 88.6% fibo retracement from peak. This created another potential harmonic. Bullish Gartley. You can see the 1st and 2nd TP in the chart.. If the bearish is excessive, then it will turn to Bullish Crap where the TP is far more lower.
The spike in the morning was due to speculate on weather concern.
On the other view,a Flag pattern has broken, and it could looking for higher price. However, if it cannot beat this morning's price, then, expecting price to fall.
Concern:
1) On Syria military action. This causes uncertainty to Crude Oil. A high spike in Crude oil could boost FCPO higher, as demand might shown in biofuel alternative.
2) If the speculation on weather for Soybean is true, then could lift up the price. At the moment just a weather forecast.
3) A drop in Soybean, and a rise in Crude oil, does not help FCPO much, unless currency come in between, MYR weakening, could see buying power to rise again for foreign buyer. However, it could drag KLCI lower.
Update on USD/MYR
MYR was weakening in the late evening today.