Wednesday, November 7, 2012

20121107 1808 FCPO EOD Daily Chart Study.

FCPO closed : 2397, changed : +25 points, volume : higher.
Bollinger band reading : pullback correction little downside biased.
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 small gains with improved volume exchanged. Soy oil price currently trading firmer after overnight closed recorded moderate gains while crude oil price pullback lower after yesterday surge.
Concern on year end raining season will cause flood may hurt productions and higher soy oil and crude oil price sent price recovered little higher.
Daily chart wise, study revised to suggesting a pullback correction 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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