Wednesday, August 30, 2017

20170830 1914 FCPO EOD Daily Chart Study.

FCPO closed : 2706, changed : -7 points, volume : higher.
Bollinger band reading : profit taking upside biased.
MACD Histogram : turned negative, buyer reducing position.
Support : 2700, 2670, 2638, 2600 level.
Resistance : 2735, 2766, 2782, 2800 level.
Comment :
FCPO closed marginally lower with improved volume changed hand today while Dalian palm olein contract and soybean oil futures trading weaker after overnight fall while crude oil price continue to test lower after 2 days declined.
Price drifted between positive and negative zone as traders reducing position ahead of the long weekend holidays with anticipation on weak export data from export cargo surveyor and higher month end inventories.
Daily chart study still suggesting a pullback correction upside biased market development after price tested above higher Bollinger band. A break below 2700 level would see price testing lower level near middle Bollinger band.
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 or sell at break down of middle bollinger band with larger cut loss and profit target.

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