Thursday, December 6, 2012

20121206 1826 FCPO EOD Daily Chart Study.

FCPO closed : 2294, changed : +10 points, volume : higher.
Bollinger band reading : pullback correction downside biased.
MACD Histogram : turned upward, buyer seller battling.
Support : 2250, 2230, 2200, 2130 level.
Resistance : 2300, 2350, 2400, 2450 level.
Comment :
FCPO closed little higher with improved volume transacted. Soy oil price currently trading firmer after overnight rallied nearly 2% higher while crude oil trading little higher after overnight loss.
FCPO still traded range bound between gains and losses on higher stock concern and stronger soy oil price influence due to Argentina heavy rain weather.
Technical chart reading revised to calling a pullback correction 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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