Wednesday, October 10, 2012

20121010 1806 FCPO EOD Daily Chart Study.

FCPO closed : 2457, changed : +19 points, volume : higher.
Bollinger band reading : pullback correction downside biased.
MACD Histogram : rising higher, seller reducing exposure.
Support : 2450, 2400, 2350, 2300 level.
Resistance : 2490, 2520, 2550, 2570 level.
Comment :
FCPO closed recorded gains with improved volume exchanged. Soy oil currently registering small gain after overnight closed 0.5% higher while crude oil price retreating lower after yesterday gains.
Price traded wildly today between gains and losses on lower exports tax focus, higher crude oil price, rising inventories and production official September data plus slower cargo surveyor exports figures.
Daily chart reading continue suggesting a pullback correction downside biased market development with MACD indicator having positive cross up.
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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