Friday, January 22, 2010

20100122 1255 FCPO Mid Day Hourly Chart Study.

FCPO closed : 2454, changed : -34 points, volume : low.
Bollinger band reading : side way.
MACD Histrogram : turned and getting lower, seller take turn today.
Support : 2440, 2400, 2370 level.
Resistant : 2470, 2521, middle Bollinger band level.
Comment :
Huh...I guess I over estimated the strength of yesterday up swing. Seems like yesterday surge could be a 1 day wonder due to better China economy performance data. However strong US Dollar recovery forced most commodities price to plunge lower especially crude oil. The same goes to FCPO that trade weaker today with low volume changed hand. The hourly chart suggesting a side way range bound down side biased with price trading along the plotted downward trend line.

No comments: