Monday, May 7, 2012

20120507 1810 FCPO EOD Daily Chart Study.

FCPO closed : 3360, changed : +2 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histogram : falling lower, seller in control.
Support : 3350, 3330, 3300, 3270 level.
Resistance : 3380, 3420, 3450, 3470 level.
Comment :
FCPO closed 2 ticks higher with decline volume transacted. Soy oil price currently trading little lower after last Friday closed lower by nearly 1% while crude oil price falling lower.
Uncertain global equity market development after Greece and France polls resulted global commodities and crude palm oil to fall lower. However, FCPO managed to recovered all intraday losses(from 8 week low) and closed marginally higher in the second half session after Reuters survey conducted shows higher export and production and lower inventory level.
Daily chart study adjusted to suggesting a pullback correction downside biased market development after recent falls.
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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