20091217 1234 FCPO Mid Day Hourly Chart Study.

FCPO traded strongly due to better soy oil and crude oil futures price ended the morning session up 22 points to closed at 2608. Price retraced back a little lower late morning after US dollar traded firmer against major currency. At last look, the last hourly candle bar closed above the middle Bollinger band with the band width keep expanding = bullish market still. The last MACD Histrogram shows a lower reading = trader locking in partial profit after price surged and reacting to the rebounding US dollar. Price has successfully break up and stay above the 2606 resistant line that now turned into immediate support level with the next immediate upside target rest at 2651 level. Need to monitor US dollar movement closely.