Tuesday, November 27, 2012

20121127 1815 FCPO EOD Daily Chart Study.

FCPO closed : 2410, changed : -22 points, volume : lower.
Bollinger band reading : correction range bound downside biased.
MACD Histogram : turned downward, buyer seller battling.
Support : 2400, 2350, 2300, 2250 level.
Resistance : 2450, 2490, 2520, 2550 level.
Comment :
FCPO closed recorded loss with slowing down volume exchanged. Soy oil price currently trading little firmer after overnight closed recorded moderate gains while crude oil price currently moving higher.
Price still facing seller pressure despite rival soy oil price trading higher amid slowing down demand concern.
Daily chart study remained calling a correction range bound downside biased market development with price failed to sustain above 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.

No comments: