Tuesday, September 20, 2011

20110920 1807 FCPO EOD Daily Chart Study.

FCPO closed : 3067, changed : +26 points, volume : higher.
Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : resume rising, buyer taking chances.
Support : 3050, 3020, 2970, 2950 level.
Resistance : 3070, 3100, 3150, 3200 level.
Comment :
FCPO closed recorded gain with improved volume transacted while overnight soy oil ended severely lower and currently rebounding higher while crude oil currently trading higher.
Both ITS and SGS cargo surveyor reported lower but recovering export data today while Reuters news reported that India trade body to seeks increase import tariff on refined palm oil to $1,150 per tonne in line with current market price.
Daily chart formed an up bar candle closed in between middle and upper Bollinger band level after market opened lower, moved downwards tested near support level and swing upwards into positive territory and closed near the high of the day.
Chart reading still 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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