20091008 1245 FCPO Hourly Chart Study. Low volume traded.

FCPO opened 2 points higher but slide down lower ended 14 points lower with a hammer candle to closed at 2063 for the morning session. Price seems supported and stay above Mid Bollinger Band = Still biased to the upside. Bollinger Band width stay flat suggest market will be trading sideway range bound. On the opposite side MACD histrogram continue to fall lower = there are just very few buyer in the market. This is also comfirm by the low volume transaction. A break down below the mid Bollinger Band with increase volume would be ideal for the price to go further down and support level still seen at the 2000 level. Should price failed to trade lower, a rebound could happen from the mid Bollinger Band support. The hammer also serve as an early sign of possible rebound.