Friday, October 7, 2011

20111007 1808 FCPO EOD Daily Chart Study.

FCPO closed : 2772, changed : -36 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histrogram : recovering, seller taking profit.
Support : 2770, 2750, 2720, 2700 level.
Resistance : 2800, 2850, 2900, 2920 level.
Comment :
FCPO closed recorded loss with quiet volume participation while overnight soy oil ended little lower and currently trading higher while crude oil eased lower after recent rallies.
Market traded in light volume as trader avoid exposure ahead of next Monday official MPOB September CPO figure, cargo surveyor 1~10 October 2011 export data and news on Malaysia will hold discussions with Indonesia next week over its move to reduce the export tax on palm oil products.
Daily chart formed a down bar candle with upper shadow close above middle Bollinger band after market opened lower and traded downward in 34 points range bound market and closed at the low of the day.
Technical study still suggesting a pullback correction downside 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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