Friday, December 3, 2010

20101203 1903 FCPO EOD Daily Chart Study.

FCPO closed : 3516, changed : +16 points, volume : lower.

Bollinger band reading : upside biased.
MACD Histrogram : rising, buyer having some exposure.
Support : 3500, 3470, 3450 level.
Resistant : 3550, 3620, 3650 level.
Comment :
FCPO recorded marginal gain with lower volume transacted on the last day of the 6th Indonesia palm oil conference as most industry expert having similar outlook with near terms bullish price movement following with second half 2011 price downward correction. Daily chart formed a doji bar candle near upper Bollinger band level with the reading remained suggesting an upside biased market development with possible pullback correction.
When to buy : buy at support and 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: