Tuesday, June 7, 2011

20110607 1827 FCPO EOD Daily Chart Study.

FCPO closed : 3354, changed : -34 points, volume : higher.
Bollinger band reading : correction range bound little upside biased.
MACD Histrogram : weakening, buyer closing position.
Support : 3350, 3300, 3270, 3250 level.
Resistance : 3420, 3450, 3470, 3500 level.
Comment :
FCPO closed recorded loss again with better volume transacted while soy oil overnight closed weaker and currently rebounding little higher.
Sentiment remained weak as concern over higher stock level and less encouraging enough export pressure price to moved south.
Daily chart formed a down bar candle with little lower shadow closed below middle Bollinger band after market opened little lower, fall downwards tested below support level and swing higher above opening price but selling pressure kick in again resulted price to closed lower.
Chart reading adjusted to suggesting a correction range bound little upside biased market development testing support and resistance level with MACD indicator almost having a negative cross down.
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.

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