Thursday, January 21, 2010

20100121 1254 FCPO Mid Day Hourly Chart Study.


FCPO closed : 2440, changed : -4 points, volume : low.
Bollinger band reading : bearish.
MACD Histrogram : recovering, seller take profit.
Support : 2400, 2370 level.
Resistant : 2440, 2470, 2521.
Comment :
Opened at 30 points lower, seller decided to buy back to lock it some good profit pushed FCPO to closed marginally lower way off the low. Hourly chart wise still suggest a weak bearish market but the current taking place technical rebound could possibly continue until it test the middle Bollinger band resistant level.

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