Friday, June 15, 2012

20120615 1809 FCPO EOD Daily Chart Study.

FCPO closed : 2848, changed : +2 points, volume : lower.
Bollinger band reading : downside biased with possbile pullback correction.
MACD Histogram : falling lower, seller in control.
Support : 2800, 2770, 2750, 2720 level.
Resistance : 2850, 2900, 2920, 2950 level.
Comment :
FCPO closed 2 ticks higher with declined volume traded. Soy oil price currently rebounding upwards after overnight closed substantitaly lower by more than 2% while crude oil price continue to trade firmer.
Market swing between gains and losses after 2 cargo surveyors reported higher and improving export data plus stabling crude oil price offseting some of yesterday negative sentiment knowing the fact that stock level are at low level.
End of day aaily chart reading remained suggesting a downside biased market development with possible pullback correction.
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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