Friday, October 14, 2011

20111014 1811 FCPO EOD Daily Chart Study.

FCPO closed : 2906, changed : +62 points, volume : higher.
Bollinger band reading : side way range bound downside biased.
MACD Histrogram : rising, buyer taking exposure.
Support : 2850, 2800, 2770, 2750 level.
Resistance : 2900, 2920, 2950, 2970 level.
Comment :
FCPO closed recorded huge gains with improved volume participation while overnight soy oil closed recorded gains and currently surging higher while crude oil price currently recording big gains.
Higher soy oil and crude oil prices plus anticipation of better CPO exports to be release next Monday pushed FCPO price to test higher ground.
Daily chart formed a wide range up bar candle closed above middle Bollinger band after market opened higher and traded side way range bound followed by second session upwards climb all the way to closed at the high of the day.
Chart study remained suggesting a side way range bound 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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