Wednesday, October 19, 2011

20111019 1815 FCPO EOD Daily Chart Study.

FCPO closed : 2892, changed : +57 points, volume : lower.
Bollinger band reading : side way range bound downside biased.
MACD Histrogram : resumed rising, buyer taking chances.
Support : 2850, 2800, 2770, 2750 level.
Resistance : 2900, 2920, 2950, 2970 level.
Comment :
FCPO closed recorded substantial gains with decreasing volume changed hand while overnight soy oil closed recorded small loss and currently trading higher while crude oil price also rising higher.
FCPO price traded higher on speculation of better export data tomorrow with some short covering activities.
Daily chart formed an up bar candle with little lower shadow positioned above middle Bollinger band after market opened higher and traded within 23 points range bound movement followed by last hour upward climb to closed near the high of the day.
Technical 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.

No comments: