Tuesday, November 20, 2012

20121120 1807 FCPO EOD Daily Chart Study.

FCPO closed : 2457, changed : -2 points, volume : lower.
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 fell marginally with reduced volume exchanged. Soy oil price currently trading slightly lower after overnight soar more than 1.5% while crude oil price pullback lower after yesterday surged.
Slower exports figure released by ITS cargo surveyor today dragged CPO price trading lower.
Daily chart reading continue calling a pullback correction little downside biased market development testing resistance near middle Bollinger band level.
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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