Wednesday, December 12, 2012
20121212 1811 FCPO EOD Daily Chart Study.
FCPO closed : 2238, changed : -53 points, volume : higher.
Bollinger band reading : downside biased.
MACD Histogram : turned downward, seller in control.
Support : 2230, 2200, 2150, 2130 level.
Resistance : 2250, 2270, 2300, 2350 level.
FCPO closed recorded substantial loss with better volume transacted. Soy oil price currently trading little weaker after overnight loss while crude oil price trading higher.
Negative price impact USDA data and possible zero export tax factor pressure FCPO price to lower level.
FCPO daily chart reading revised to suggesting a 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.
Posted by MW Chong at 6:11 PM