Wednesday, May 23, 2012

20120523 1807 FCPO EOD Daily Chart Study.

FCPO closed : 3019, changed : -91 points, volume : higher.
Bollinger band reading : downside biased.
MACD Histogram : resume falling, seller still in control.
Support :  2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100, 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed severely lower with better volume transacted. Soy oil price currently trading lower by more than 1.5% after overnight closed recorded loss while crude oil price currently trading weaker.
FCPO Price tested 5 month low on concern over Europe dent and political development will further drag down global economy growth resulted most commodities price trading lower.
Technical chart reading revised back to suggesting a downside biased market development possibly testing lower 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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