Thursday, March 18, 2010

20100318 1823 FCPO EOD Daily Chart Study.

FCPO closed : 2535, changed : +60 points, volume : higher.
Bollinger band reading : bearish biased market.
MACD Histrogram : dive deeper, seller dominated the market.
Support : 2521, 2500, 2470 level.
Resistant : 2550, 2570, 2590 level.
Comment :
Sharing the same fate with FKLI, 59 points range FCPO also closed weaker near the low of the day with increase volume transacted. What a buyer punishment day ! Technical chart wise, outlook has just started to turned bearish biased at the very initial stage but today's big fall and closed below lower Bollinger band seems a little overdone that may trigger a pullback effect. Expect market to trade downside biased with possible temporary pullback or side way range bound testing resistant level.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with larger cut loss and profit target.

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