Friday, November 13, 2009

20091113 1257 FCPO Mid Day Hourly Chart Study.



FCPO closed unchanged at 2245 with low volume traded despite news of possible flood occurs in the palm oil plantation estate. On hourly chart, price has dive through and stayed below the middle Bollinger band with the band width contracting = market  sentiment has turned negative and is likely to trade side way range bound. MACD Histrogram dip lower into the negative zone since market opened = market started the day in selling mood. Seems like market will be trading withing the plotted resistant and support lines and waiting for a break up or break down.

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