Tuesday, October 9, 2012

20121009 1811 FCPO EOD Daily Chart Study.

FCPO closed : 2438, changed : +70 points, volume : lower.

Bollinger band reading : pullback correction downside biased.
MACD Histogram : recovering, seller closing position.
Support : 2400, 2350, 2300, 2250 level.
Resistance : 2450, 2490, 2520, 2550 level.
Comment :
FCPO closed recorded gains with decreasing volume transacted. Soy oil currently registering more than 1% gain after overnight closed lower while crude oil price currently trading higher.
Price traded higher as traders eye possible lower exports tax change, news on Malaysia and Indonesia will form a joint body to support palm oil price, reducing stocks and controlling supplies while awaits tomorrow official September export, output and stocks data plus 2 cargo surveyor exports figures.
Chart reading adjusted to calling 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.

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