Ouchh! Seems like I am truly way too optimistic about FCPO that give back most of its last Thursday gain closing the first session down 57 points at 2563 due to weaker soy oil price. Hourly chart wise, price dive and closed below the middle Bollinger band with the band width narrowing = side way range bound downward biased. MACD Histrogram jumping lower = long covering activities taking place. Market could still possibly trade lower with immediate support stands at 2540 level and resistant rest at the middle Bollinger band.
Sometimes, humans do get carried away and get too excited. That's the 'poison of trend'.
ReplyDeleteWow very insight terms that you used. Yeah totally agree with you. Sometimes the market is just that tricky and mean. =)
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