Thursday, January 7, 2010

20100107 FCPO Mid Day Hourly Chart Study.

FCPO closed : 2660, changed : - 42 points, volume : Low.
Bollinger band reading : bearish.
MACD Histrogram : getting lower, seller took charge.
Support : 2640,  2620.
Resistant : 2680, 2700 level.
Comment :
Big drop on Dalian palm oil futures and soy oil futures prices spillover to Bursa Malaysia FCPO that opened gap down lower by 60 points before price stabilised and recovered slightly to closed at 2660. Hourly chart turned bearish with further downside potential but should market successfully test and stay above the 2700 level, market could resume it's uptrend movement. This could be a "wash" like what happen to Crude Oil futures last night if you look at the intraday chart.

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