Tuesday, December 22, 2009

20091222 1257 FCPO Mid Day Hourly Chart Study.



FCPO closed : 2539, changed : -16 points, volume : low.
Bollinger band reading : bearish with possible further downside. 
MACD Histrogram reading : continue lower, seller still in the market. 
Support level : 2530, 2510.
Resistant level : 2555, 2575. 
Comment : 
Market could still trade lower but downside room is limited due to support is just around the corner and a better soy oil future price.
I am trying a more simplified elaboration. Feel free to give comment.

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