Monday, June 18, 2012

20120618 1816 FCPO EOD Daily Chart Study.

FCPO closed : 2899, changed : +50 points, volume : higher.
Bollinger band reading : pullback correction downside biased.
MACD Histogram : turned upward, seller lock in profit.
Support : 2850, 2800, 2770, 2750 level.
Resistance : 2900, 2920, 2950, 2970 level.
Comment :
FCPO closed rebounded higher by more than 1.5% with better volume transacted. Soy oil price currently trading firmer after last Friday closed higher while crude oil price trading little softer after last Friday climb.
Price recovered today as sentiment stabilised due Greece election result provide some relieve and last Friday released of getting better exports data.
Technical chart revisedto recommending a pullback correction downside biased market development after recent falls.
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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