Friday, May 18, 2012

20120518 1818 FCPO EOD Daily Chart Study.

FCPO closed : 3096, changed : +1 points, volume : higher.
Bollinger band reading : pullback correction downside biased.
MACD Histogram : turned upward, seller lock in profit.
Support :  3070, 3050, 3020, 2970 level.
Resistance : 3100, 3150, 3200, 3250 level.
Comment :
FCPO closed 1 tick higher with improved volume exchanged. Soy oil price currently trading lower after overnight closed rebounded little higher while crude oil price continue to trade side ways.
Price traded lower through out the day after overnight weaker U.S. economy data sent most commodities lower followed by last hour recovery back into positive zone as seller decided to lock in profit reducing exposure ahead of the weekend and Monday export figures.
Daily chart reading still suggesting a pullback correction downside biased market development.
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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