Monday, December 14, 2009

20091214 1337 FCPO Mid Day Hourly Chart Study.

Spilled over by bearish commodity market leads Bursa Malaysia crude palm oil futures price to closed down 27 points at 2503 with low volume traded. Price opened gap down, traded lower and follow with some minor recovery but still closed below the middle Bollinger band with the band width narrower slightly = the downward correction to continue with market reacted to the bearish development in world commodity market. MACD Histrogram penetrated the negative zone since market opened this morning and sliding downward slowly = traders decided to close their long positions. Market could possibly trading within the plotted near terms downtrend channel that is likely to trade lower and market is likely to recover should price manage to break above the plotted upper resistant line.

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