Tuesday, May 22, 2012

20120522 1806 FCPO EOD Daily Chart Study.

FCPO closed : 3110, changed : +12 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histogram : recovering, seller taking profit.
Support :  3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed little higher with thinner volume changed hand. Soy oil price currently trading little higher after overnight closed recorded more than 1% gain while crude oil price trading lower after having technical rebound.
Price traded side ways without clear direction within 37 points range bound market swinging between positive and negative territory through out the day and closed little higher after global markets traded firmer today.
Chart study still recommending 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.

No comments: