Tuesday, October 16, 2012

20121016 1816 FCPO EOD Daily Chart Study.

FCPO closed : 2466, changed : -4 points, volume : lower. 
Bollinger band reading : pullback correction downside biased. 
MACD Histogram : rising higher, buyer testing market. 
Support : 2450, 2400, 2350, 2300 level.
Resistance : 2490, 2520, 2550, 2570 level.
Comment :
FCPO closed recorded marginal loss with lesser volume changed hand. Soy oil currently registering gains after overnight closed lower by more than 1% while crude oil price currently trading little higher after yesterday advance. 
Price traded higher during morning session and reserved downward after lunch break as traders awaits industry outlook by 3 key experts(Please refer to palm oil update posting  below). 
Chart wise, FCPO is still trading within a pullback correction downside biased market development testing resistance near middle Bollinger band level. 
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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