20100205 1848 FCPO Weekly Chart Study.

FCPO closed : 2521, changed : +76 points, volume : lower.
Bollinger band reading : side way and little bullish.
MACD Histrogram : getting lower, both buyer and seller remained cautious.
Support : middle Bollinger band, 2400, 2350 level.
Resistant : 2521, 2650, 2740 level.
Comment :
FCPO traded higher after market attempted to test the middle Bollinger band support level but failed. Weekly chart wise reading remained side way range bound with possible testing further upside resistant level after the middle Bollinger band support level defense still holding firmly. However strong resistant also existed at the pivot 2521 level. Tougher ahead.

20100205 1818 FCPO EOD Daily Chart Study.

FCPO closed : 2521, changed : +11 points, volume : lower.
Bollinger band reading : side way range bound.
MACD Histrogram : rise above zero line, buyer see some encouragement.
Support : 2500, 2470, 2440 level.
Resistant : 2521, 2550, 2590 level. 
Comment :
Bursa Malaysia crude palm oil futures closed near the high and right at the resistant level after market open gap down and traded one way ticket higher. Despite the two day wide body up bar candle, FCPO daily chart reading has yet to turn bullish and is likely to trade side way range bound with some testing effort at the support and 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 quick cut loss and profit target.

20100205 1758 FKLI Weekly Chart Study.

FKLI closed : 1243.5, changed : -15.5 points, volume : lower.
Bollinger band reading : side way range bound.
MACD Histrogram : continue lower, seller confident increase.
Support : 1232, 1200 level.
Resistant : middle Bollinger band, 1250, 1285 level.
Comment :
Another wide body down bar weekly candle that tested and dive through and closed below the 1250 support level after test attempted at the middle Bollinger band resistant level. Weekly chart wise, FKLI is likely to trade side way range bound with possible testing further downside support level.

20100205 1733 FKLI EOD Daily Chart Study.

FKLI closed : 1243.5, changed : -17 points, volume : higher.
Bollinger band reading : bearish.
MACD Histrogram : reverse lower, seller appetite increase.
Support : 1238, 1232, 1228 level.
Resistant : 1250, 1260 level.
Comment :
FKLI ended the day near the low with higher volume in tandem with major Asia market that traded negatively today after overnight Dow Jones drop by 268 points. Technically, the daily chart shows that market continue to head south after market pullback affect correction took place 3 days ago. However, today's drop seems a little overdone with possible short terms recovery to close the gap. Nevertheless, market is likely to trade downside biased.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength or break down with larger cut loss and profit target.

20100205 1441 FKLI Mid Day Hourly Chart Study.

FKLI closed : 1247, changed : -13.5 points, volume : high.
Bollinger band reading : bearish with temporary pullback.
MACD Histrogram : recovering slightly, seller take partial profit.
Support : 1238, 1232, 1228 level.
Resistant : 1250, 1260 level.
Comment :
Without having to elaborate further, I believe whatever indicators will show a bearish market ahead to a certain extend. However, the severe gap down opening and tested lower level seems a little overdone with possible temporary pullback effect taking place before testing further downside support level.

20100205 1243 FCPO Mid Day Hourly Chart Study.

FCPO closed : 2509, changed : -1 points, volume : low.
Bollinger band reading : bullish side way range bound.
MACD Histrogram : getting lower, buyer alerted.

Support : 2500, 2470, 2440 level.
Resistant : 2521, 2550, 2590 level.
Comment :
Low volume traded FCPO ended the first session nearly unchanged after market opened gap down and recovered higher. Hourly chart wise, price seems still supported well with and market is likely to trade side way range bound with a little a upside biased.