Tuesday, August 17, 2010

20100817 1845 FCPO EOD Daily Chart Study.

FCPO closed : 2646, changed : -32 points, volume : lower.
Bollinger band reading : correction range bound upside biased.
MACD Histrogram : weakenning, buyer closing position.
Support : 2620, 2600, 2570 level.
Resistant : 2650, 2670, 2700 level.
Comment :
Correction FCPO continue to head south fall lower in reduced volume transaction after market opened and test lower due to weaker soy oil futures price. Daily chart form a down doji bar candle with longer upper shadow indicate buyer failed to defense the market after seller came in to test the market breaking 2 supports levels. Outlook wise, market is having a correction range bound upside biased market reading for the near term testing lower support 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 quick cut loss and profit target.

No comments: