Friday, November 9, 2012

20121109 1821 FCPO EOD Daily Chart Study.

FCPO closed : 2316, changed : -20 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 again with slowing down volume distributed. Soy oil price currently trading lower after overnight closed little higher while crude oil price trading side ways.
Price continue to trade weaker ahead of MPOB official October data and cargo surveyor export figures concerning higher inventory levels.
Daily chart reading continue to suggesting 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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