Wednesday, November 21, 2012

20121121 1810 FCPO EOD Daily Chart Study.

FCPO closed : 2443, changed : -14 points, volume : lower.
Bollinger band reading : pullback correction little downside biased.
MACD Histogram : turned downward, buyer seller battling.
Support : 2400, 2350, 2300, 2250, 2230 level.
Resistance : 2450, 2490, 2520, 2550 level.
Comment :
FCPO closed little weaker with decreasing volume participation. Soy oil price currently trading little lower after overnight recorded gains while crude oil price currently rising higher.
Slowing down demand concern sent palm oil price little lower as China buying activities still taking place due restocking for Lunar Chinese New Year.
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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