Monday, October 8, 2012

20121008 1806 FCPO EOD Daily Chart Study.

FCPO closed : 2368, changed : -47 points, volume : lower.
Bollinger band reading : downside biased.
MACD Histogram : recovering, seller taking profit.
Support : 2350, 2300, 2250, 2230 level.
Resistance : 2400, 2450, 2490, 2520 level.
Comment :
FCPO closed recorded loss with lesser volume changed hand. Soy oil currently trading weaker after last Friday closed recorded small loss while crude oil price currently trading lower by more than 1%.
Price resume falling lower after recent technical rebound on higher stockpile concern as traders awaits Wednesday official exports, output and inventories data with news on Malaysia government delays lower crude palm oil exports tax decision.
Daily chart study revised to suggesting a 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.

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