Friday, November 30, 2012

20121130 1804 FCPO EOD Daily Chart Study.

FCPO closed : 2370, changed : -16 points, volume : lower.
Bollinger band reading : correction range bound downside biased.
MACD Histogram : falling lower, buyer seller battling.
Support : 2350, 2300, 2250, 2230 level.
Resistance : 2400, 2450, 2490, 2520 level.
Comment :
FCPO continue to declined for the 4th day with quiet volume transacted. Soy oil price currently trading weaker after overnight closed recorded loss while crude oil price having downward correction after yesterday rise.
Price trading mostly in negative zone despite 2 cargo surveyors reported improved exports figure as industry expert still see potential downward price movement in order to attract buyer and the affect of exports tax structure.
Daily chart still 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.

No comments: