FCPO traded lower today despite encouraging export figure released by 2 export cargo surveyors. At closed FCPO down 20 points ended the day at 2218 with a 30 point range market. The drop in price is mainly due to a weaker soy oil price and crude oil development that currently trading in a correction phase after some severe surged in price. Forming a black candle with a bottom tail at above mid Bollinger Band = Market is still favour the upside. Bollinger band width continue widen = there are more upside room for market to move higher. However, MACD Histrogram stayed almost unchanged dropped by a fraction resulted a draw game between buyer and seller. Overall, FCPO still have the potential to move up higher.
When to buy : buy on dip or break out with larger cut loss and profit target.
When to sell : sell only on break down with volume confirmation with quick cut loss and profit target.
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