Monday, December 7, 2009

20091207 1246 FCPO Mid Day Hourly Chart Study.



FCPO opened gap up, traded higher to hit the high of 2606 followed by profit taking activities to pushed it down to closed up only 3 points at 2565. Price closed near the upper Bollinger band with the band width expanding = market is still bullish with some correction taking place. MACD Histrogram turned lower = seller decided to locked in profit after price extended for nearly 130 points. The correction could continue to take place in the second hald session with immediate support stands at 2521 and follow by the middle Bollinger band.

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