Tuesday, December 4, 2012

20121204 1809 FCPO EOD Daily Chart Study.

FCPO closed : 2296, changed : -21 points, volume : lower.
Bollinger band reading : downside biased with possible pullback correction.
MACD Histogram : falling lower, seller in control.
Support : 2250, 2230, 2200, 2130 level.
Resistance : 2300, 2350, 2400, 2450, 2490, 2520 level.
Comment :
FCPO closed weaker with lesser volume changed hand. Soy oil price currently trading little lower after overnight advanced higher while crude oil price correcting little lower after yesterday rise.
Price continue to trade weaker as trader projected higher inventory.
Technical chart reading revised to suggesting a downside biased market development with possible pullback correction and MACD indicator having negative crossed down.
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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