Monday, November 19, 2012

20121119 1803 FCPO EOD Daily Chart Study.

FCPO closed : 2459, changed : +30 points, volume : higher.
Bollinger band reading : pullback correction little downside biased.
MACD Histogram : rising higher, buyer testing market.
Support : 2450, 2400, 2350, 2300, 2250 level.
Resistance : 2490, 2520, 2550, 2570 level.
Comment :
FCPO closed firmer with increased volume transacted. Soy oil price currently trading higher by more than 1% after last Friday closed lower while crude oil price soaring higher.
Price advanced higher on China oilseed stockpiling program news while cargo surveyor shows small decline in export figure.
Daily chart reading suggesting a pullback correction little downside biased market development with MACD indicator having positive crossed up and potential double bottom chart pattern formation.
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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