Thursday, November 29, 2012

20121129 1810 FCPO EOD Daily Chart Study.

FCPO closed : 2386, changed : -8 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 with thinner volume exchanged. Soy oil price currently trading little higher after overnight closed flat while crude oil price currently trading higher.
Price swing between gains and losses ahead of Indonesia conference key industry outlook, news on Indonesia projected higher production for 2013 by 7% and Malaysia will announce details of crue palm oil exports tax cut by end of December.
Nevertheless daily chart study remained calling a correction range bound 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 quick cut loss and profit target.

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