Thursday, November 22, 2012

20121122 1807 FCPO EOD Daily Chart Study.

FCPO closed : 2411, changed : -32 points, volume : higher.
Bollinger band reading : downside biased.
MACD Histogram : weakening, seller testing market.
Support : 2400, 2350, 2300, 2250, 2230 level.
Resistance : 2450, 2490, 2520, 2550 level.
Comment :
FCPO continue to closed weaker again with better volume transacted. Soy oil trading pause today for thank giving holiday after overnight closed little high ob drought weather concern while crude oil price currently moving side ways.
Continue slower exports concern still pressure CPO price to move downward today.
Daily chart reading revised to suggesting a downside biased market development.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with moderate cut loss and profit target.

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