Tuesday, September 14, 2010

20100914 1257 FCPO Mid Day Hourly Chart Study.

FCPO closed : 2645, changed : -31 points, volume : average.
Bollinger band reading : side way range bound.
MACD Histrogram : getting lower, buyer taking profit and reducing position.
Support : 2620, 2600, 2570 level.
Resistant : 2650, 2670, 2700 level.
Comment :
FCPO opened higher but selling pressure came in after that pressed price downward breaking and closed below 2 levels of supports as market anticipating a higher than expected crude palm oil inventory level spurt buyers to lock in gain and reducing exposure. Hourly chart shows that market dive lower testing support level near lower Bollinger band after tested the upper Bollinger for 2 times with the outlook having a side way range bound reading market testing support and resistant level.

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