Thursday, November 1, 2012

20121101 1805 FCPO EOD Daily Chart Study.

FCPO closed : 2537, changed : +41 points, volume : higher.
Bollinger band reading : side way range bound.
MACD Histogram : weakening, buyer closing position.
Support : 2520, 2490, 2450, 2400 level.
Resistance : 2550, 2570, 2600, 2620 level.
Comment :
FCPO closed recorded gains with better volume exchanged. Soy oil price currently trading higher after overnight closed recorded small gain while crude oil price currently trading little higher.
FCPO price soar higher after China reported better manufacturing data and news on strong Chinese demand for soybeans fueled expectations for more edible oil orders.
Daily chart wise, FCPO reading still suggesting a side way range bound market development with immediate support at 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.

No comments: