Thursday, November 8, 2012

20121108 1816 FCPO EOD Daily Chart Study.

FCPO closed : 2328, changed : -69 points, volume : lower.
Bollinger band reading : downside biased with possible pullback correction.
MACD Histogram : falling lower, seller in control.
Support : 2300, 2250, 2230, 2200 level.
Resistance : 2350, 2400, 2450, 2490 level.
Comment :
FCPO closed recorded loss with declined volume changed hand. Soy oil price currently trading marginally higher after overnight closed slightly lower while crude oil price rebounding higher after overnight fall.
Price pressured downward on poor global equity markets performance due to fiscal cliff concern and gloomy global economy outlook.
FCPO daily chart reading revised to calling a 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 larger cut loss and profit target.

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