Monday, November 26, 2012

20121126 1818 FCPO EOD Daily Chart Study.

FCPO closed : 2432, changed : +37 points, volume : lower.
Bollinger band reading : correction range bound downside biased.
MACD Histogram : turned upward, buyer seller battling.
Support : 2400, 2350, 2300, 2250, 2230 level.
Resistance : 2400, 2450, 2490, 2520, 2550 level.
Comment :
FCPO closed rebounded higher with lesser volume participation.  Soy oil price currently trading firmer after last Friday closed higher while crude oil price currently having downward correction.
FCPO price recovered today after soy oil price traded higher and news on Indonesia kept palm oil exports tax unchanged plus both cargo surveyor released lower but improved export figures.
FCPO daily chart reading revised to suggesting a correction range bound downside biased market development testing resistance again near 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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