Friday, October 5, 2012

20121005 1807 FCPO EOD Daily Chart Study.

FCPO closed : 2409, changed : +57 points, volume : higher. 
Bollinger band reading : pullback correction downside biased. 
MACD Histogram : recovering, seller taking profit. 
Support : 2400, 2350, 2300, 2250, 2230, 2200 level.
Resistance : 2350, 2400, 2450, 2490, 2520, 2550, 2570 level.
Comment :
FCPO closed recorded gains with better volume participation  Soy oil currently trading marginally lower after overnight closed recorded higher by more than 1% while crude oil price currently falling lower. 
Price continue to recover higher after recent plunge on short position covering ahead of the weekend while traders focus on government export tax proposal decision. Reuters survey released today projected higher output and inventories level. 
FCPO daily chart study continue to suggesting a pullback correction downside 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.

No comments: