Thursday, October 11, 2012

20121011 1823 FCPO EOD Daily Chart Study.

FCPO closed : 2523, changed : +66 points, volume : lower.

Bollinger band reading : pullback correction downside biased.
MACD Histogram : rising higher, buyer testing market.
Support : 2520, 2490, 2450, 2400 level.
Resistance : 2550, 2570, 2600, 2620 level.
Comment :
FCPO closed recorded gains for the 3rd day with slower volume transacted. Soy oil currently registering more than 1.5% gain after overnight closed lower by more than 1% while crude oil price advancing higher.
Price continue to soar higher after government decided to lower palm oil exports tax.
FCPO daily chart reading still 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.

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