Friday, November 2, 2012

20121102 1803 FCPO EOD Daily Chart Study.

FCPO closed : 2496, changed : -41 points, volume : lower.
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 loss surrendered all yesterday gains with higher volume transacted. Soy oil price currently trading lower by more than 1% after overnight closed little firmer while crude oil price currently falling lower.
Higher inventories level concern returned to the market send price falling lower ahead of the weekend.
FCPO daily chart reading remained suggesting a side way range bound market development with middle Bollinger band support broken today.
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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