Wednesday, September 12, 2012

20120912 2239 FCPO EOD Daily Chart Study.

FCPO closed : 2930, changed : +11 points, volume : higher.
Bollinger band reading : correction range bound.
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 with rising volume participation. Soy oil currently rebounding higher after overnight closed lower by more than 1% while crude oil price trading firmer.
Worries on seasonal picking up production will outpace export and focus to tonight USDA grains crop data resulted crude palm oil price trading mostly in negative zone through out the day followed by last hour recovery.
Daily chart analysis continue to suggesting a correction range bound 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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