Wednesday, October 17, 2012

20121017 1816 FCPO EOD Daily Chart Study.

FCPO closed : 2471, changed : +5 points, volume : higher.
Bollinger band reading : correction range bound downside biased.
MACD Histogram : rising higher, buyer taking exposure.
Support : 2450, 2400, 2350, 2300 level.
Resistance : 2490, 2520, 2550, 2570 level.
Comment :
FCPO closed slightly higher with better volume transacted. Soy oil currently trading firmer after overnight closed higher while crude oil price trading marginally higher.
Price traded between gains and losses within 33 point range bound market on higher stocks and potential improving exports(base on latest ITS and SGS cargo surveyor export figures) on focus.
FCPO daily chart adjusted to suggesting a correction range bound downside biased market development testing middle Bollinger band resistance 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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