Friday, December 7, 2012

20121207 1821 FCPO EOD Daily Chart Study.

FCPO closed : 2296, changed : +1 point, volume : lower.
Bollinger band reading : pullback correction little downside biased.
MACD Histogram : recovering, buyer seller battling.
Support : 2300, 2250, 2230, 2200, 2130 level.
Resistance : 2300, 2350, 2400, 2450, 2490 level.
Comment :
FCPO closed 1 tick higher with slowing down volume traded. Soy oil price currently trading flat after overnight closed firmer while crude oil recording small gain after fall.
Price traded range bound again ahead on next Monday MPOB official November data and 2 cargo surveyors export figures while soy oil price remained pressure upward due to weather factor.
Daily chart study revised to suggesting a pullback correction little 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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