Wednesday, May 9, 2012

20120509 1810 FCPO EOD Daily Chart Study.

FCPO closed : 3335, changed : -16 points, volume : lower.
Bollinger band reading : downside biased.
MACD Histogram : turned upward, seller lock in profit.
Support : 3350, 3330, 3300, 3270, 3250 level.
Resistance : 3380, 3420, 3450, 3470 level.
Comment :
FCPO closed weaker with decreased volume transacted. Soy oil price currently rebound slightly higher after overnight closed recorded loss while crude oil price trading lower.
Price trading lower as global equity market performed poorly due to Europe turmoil while traders awaits tomorrow MPOB April data and cargo surveyor export figure.
Daily chart analysis revised back to recommending a downside biased market development possibly testing previous low support 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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