Tuesday, November 6, 2012

20121106 1804 FCPO EOD Daily Chart Study.

FCPO closed : 2372, changed : -39 points, volume : lower.
Bollinger band reading : little downside biased with possible pullback correction.
MACD Histogram : falling lower, seller taking exposure.
Support : 2400, 2350, 2300, 2250, 2230 level.
Resistance : 2400, 2450, 2490, 2520, 2550 level.
Comment :
FCPO closed recorded loss again with declined volume transacted. Soy oil price currently rebounding higher after overnight closed lower by nearly 2% again while crude oil price currently trading range bound between positive and negative zone.
Price continue to trade weaker after latest Reuters survey result shows inventory level continue to reach new high.
FCPO daily chart study revised to suggesting a little downside biased market development with possible pullback correction.
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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