Thursday, October 18, 2012

20121018 1811 FCPO EOD Daily Chart Study.

FCPO closed : 2496, changed : +25 points, volume : lower. 
Bollinger band reading : correction range bound little downside biased. 
MACD Histogram : rising higher, buyer taking exposure. 
Support : 2490, 2450, 2400, 2350 level.
Resistance : 2520, 2550, 2570, 2600 level.
Comment :
FCPO closed little firmer with lesser volume changed hand. Soy oil currently trading higher after overnight closed recorded more than 1% gain while crude oil price trading marginally lower. 
Concern over possible flood in palm tree plantation area due to heavy raining season, India festival buying and within forecast China GDP data send FCPO price trading higher. 
FCPO daily chart adjusted again to suggesting a correction range bound little downside biased market development with price manage to closed above 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.

No comments: