Friday, February 19, 2010

20100219 1241 FCPO Mid Day Hourly Chart Study.

FCPO closed : 2590, changed : -10 points, volume : low.
Bollinger band reading : side way range bound.
MACD Histrogram : getting lower, buyer off loading position.
Support : 2570, 2550, 2521  level.
Resistant : 2590, 2620, 2650 level.
Comment :
Crude palm oil futures traded weaker in low volume following soy oil futures price dropped due to stronger US Dollar after Bernanke announced a surprise quarter-point discount rate hike. However the hourly chart of FCPO has yet to turn bearish and still trading in a side way range bound market with some testing effort at support and resistant level.

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