Monday, May 21, 2012

20120521 1807 FCPO EOD Daily Chart Study.

FCPO closed : 3098, changed : +2 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histogram : recovering, seller lock in profit.
Support :  3070, 3050, 3020, 2970 level.
Resistance : 3100, 3150, 3200, 3250 level.
Comment :
FCPO closed edge up 2 ticks with slower volume transacted. Soy oil price currently having rebound trading higher after last Friday closed lower while crude oil price registering small gains.
Price traded side ways range bound between gains and losses after export data released today shows better demand while most commodities recovering higher.
End of day chart study remained unchanged 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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