Friday, March 30, 2012

20120330 1822 FCPO EOD Daily Chart Study.

FCPO closed : 3433, changed : -23 points, volume : lower.
Bollinger band reading : pullback correction upside biased.
MACD Histrogram : weakening, buyer lock in profit.
Support : 3420, 3380, 3350, 3300 level.
Resistance : 3450, 3470, 3500, 3550 level.
Comment :
FCPO continue to trade lower with scaling down volume changed hand. Soy oil price currently rebounding higher after overnight closed nearly 2% lower while crude oil price also rebounding upward after overnight severe falls.
Profit taking activities still took place today as traders reducing exposure after crude oil price fall and ahead of tonight USDA report.
Chart analysis still suggesting a pullback correction upside biased market development possibly testing support near middle Bollinger band.
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: