Thursday, October 20, 2011

20111020 1812 FCPO EOD Daily Chart Study.

FCPO closed : 2866, changed : -26 points, volume : higher.
Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : rising, buyer taking chances.
Support : 2850, 2800, 2770, 2750 level.
Resistance : 2900, 2920, 2950, 2970 level.
Comment :
FCPO closed recorded small loss with improved volume participation while overnight soy oil closed recorded huge losses and currently trading weaker while crude oil price rebounding higher after overnight falls.
Lower soy oil and crude oil price resulted FCPO price to opened much lower but managed to recovered partially after export data released still recorded improvement but in slowing down pace.
Daily chart formed an wide range up bar candle with little upper and lower shadow closed above middle Bollinger band after market opened lower and recovered upward all the way to closed near the high of the day.
Chart study revised to suggesting a side way range bound little 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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