Monday, September 10, 2012

20120910 1814 FCPO EOD Daily Chart Study.

FCPO closed : 2937, changed : +10 points, volume : lower.
Bollinger band reading : correction range bound little upside biased.
MACD Histogram : falling lower, seller taking exposure.
Support : 2920, 2900, 2850, 2800 level.
Resistance : 2950, 2970, 3020, 3050 level.
Comment :
FCPO closed recorded small gain having technical rebound after more than 200 points slump with slower volume transacted. Soy oil currently trading higher after last Friday closed lower by more than 1% while crude oil price continue to trade firmer.
Price climbed higher as 2 cargo surveyors reported improving export figures but gains capped limited as MPOB official body reported both lower than expected exports and higher than expected stocks level.
Daily chart reading wise, FCPO is currently trading within a correction range bound little upside 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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