Friday, November 23, 2012

20121123 1808 FCPO EOD Daily Chart Study.

FCPO closed : 2395, changed : -16 points, volume : higher.
Bollinger band reading : downside biased.
MACD Histogram : weakening, seller testing market.
Support : 2350, 2300, 2250, 2230 level.
Resistance : 2400, 2450, 2490, 2520 level.
Comment :
FCPO clodsed lower for the 4th day with rising volume changed hand.  Soy oil still pause for holiday while crude oil price currently trading little lower.
Price still move downward ahead of Monday exports figures and on slower demand concern.
Daily chart study continue recommending 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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