Tuesday, December 1, 2009

20091201 1249 FCPO Mid Day Hourly Chart Study.



FCPO traded 23 points lower to closed the first session of the day at 2449 with thin volume changed hand. Hourly chart wise, price ended below the middle Bollinger band with the band width expanding = market contine to do downward correction. MACD Histrogram also stay lower = no buying interest presented at the market. Looking at the chart, a possible symmetrical triangle break down has been identified. Immediate support stands at 2430 and followed by 2400 level.

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