Friday, December 14, 2012
20121214 1811 FCPO EOD Daily Chart Study.
FCPO closed : 2276, changed : +46 points, volume : higher.
Bollinger band reading : pullback correction downside biased.
MACD Histogram : turned upward, seller taking profit.
Support : 2250, 2230, 2200, 2150 level.
Resistance : 2270, 2300, 2350, 2400 level.
FCPO closed recorded gains with better volume traded. Soy oil price currently surging more than 1% snaping back all overnight loss while crude oil price currently trading higher.
FCPO price recovered today due to profit taking activities and change of active month to March contract ahead of cargo surveyor export figures.
FCPO daily chart reading revised to suggesting 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.
Posted by MW Chong at 6:11 PM