Wednesday, September 14, 2011

20110914 1821 FCPO EOD Daily Chart Study.

FCPO closed : 3065, changed : +46 points, volume : higher.
Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : resume higher, buyer in little advantage. 
Support : 3050, 3020, 2970, 2950 level.
Resistance : 3070, 3100, 3150, 3200 level.
Comment :
FCPO closed recorded gains snapping back yesterday loss with increasing volume changed hand while overnight soy oil ended little weaker and currently trading lower while crude oil currently pullback lower after yesterday gains. 
Choppy market traded today ahead of tomorrow export data and Indonesia new palm olein export tax structure to start effective tomorrow. 
Daily chart formed an up bar candle with lower shadow closed near upper Bollinger band level after market opened unchanged, slide lower tested near support level and recovered upwards to near unchanged level before last 30 minutes buying activities plus short covering pushed price higher to closed at the high of the day. 
chart reading switched to suggesting a side way range bound little upside biased market development testing support and resistance 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. 

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