Wednesday, November 28, 2012

20121128 1807 FCPO EOD Daily Chart Study.

FCPO closed : 2394, changed : -16 points, volume : lower.
Bollinger band reading : correction range bound downside biased.
MACD Histogram : weakening, buyer seller battling.
Support : 2400, 2350, 2300, 2250, 2230 level.
Resistance : 2400, 2450, 2490, 2520, 2550 level.
Comment :
FCPO closed recorded loss again with decreasing volume traded. Soy oil price currently trading lower after overnight closed recorded nearly 2% gain while crude oil price currently trading lower.
Continue worry on slower demand, pressure from U.S. fiscal cliff development still pressure price weaker while trader focusing on Indonesia palm oil conference that started today awaits key industry expert outlook.
chart reading continue to recommending a correction range bound downside biased market development with immediate resistance stands on 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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