Friday, October 12, 2012

20121012 1822 FCPO EOD Daily Chart Study.

FCPO closed : 2500, changed : -23 points, volume : higher.

Bollinger band reading : pullback correction downside biased.
MACD Histogram : rising higher, buyer testing market.
Support : 2520, 2490, 2450, 2400 level.
Resistance : 2490, 2520, 2550, 2570 level.
Comment :
FCPO closed recorded small loss with higher volume participation. Soy oil currently registering loss after overnight closed higher by nearly 1.5% while crude oil price retreat little lower after yesterday advance.
Price traded extremely wild today within 150 point range by diving more than 5% lower and recovered back upward to record small loss as markets seems reacted differently to the news on government tax structure plan, discontinue duty free export facility and export quota scraps.
Chart wise, study remained 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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