Wednesday, October 24, 2012

20121024 1813 FCPO EOD Daily Chart Study.

FCPO closed : 2578, changed : +38 points, volume : lower.
Bollinger band reading : correction range bound little downside biased.
MACD Histogram : resume rising downward, buyer still in control.
Support : 2570, 2550, 2520, 2490 level.
Resistance : 2600, 2620, 2650, 2670 level.
Comment :
FCPO closed recorded gains with decreasing volume changed hand. Soy oil currently trading higher after overnight closed declined lower while crude oil price rebounding little higher after yesterday fell lower.
Price traded higher on better demand prospect due to festival factor ahead of tomorrow exports figures to be release by 2 cargo surveyor and news on Malaysia and Indonesia official to discuss crude palm oil collaboration in coming November.
FCPO daily chart reading still suggesting a correction range bound little 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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