20091030 1829 FCPO EOD Daily Chart Study.

Crude palm oil traded higher today closing at 2205 up 16 points. Market gap up in the morning and followed by profit taking activities to push it lower to 2165 before buying interest come back to push it back higher near the opening forming a T doji bar candle. At today closed, price edged higher above the mid Bollinger band inside the contracting Bollinger band width suggest that market could still trade side way range bound because price still stay below the downward trend line plotted on the chart. MACD Histrogram stayed nearly unchanged indicate that today's buying activities might not be sufficient to lift up the price of FCPO. Overall, anticipating a side way market ahead but should price break above the downward trend line, would give hope to the upside and should price break below mid Bollinger band would see market like to trade lower.
When to buy : Buy on weakness with quick cut loss and profit target or buy on break up with larger cut loss and profit target.
When to sell : Sell on strength with quick cut loss and profit target or break down with larger cut loss and profit target.