Monday, December 28, 2009

20091228 0838 FCPO Weekly Chart Study.



FCPO ended the week 66 points lower forming a doji bar candle. Price still closed above the middle Bollinger band with the band width expanding = bullish with further upside potential. However, MACD Histrogram has stop rising and turned lower = long position trade decided to lock in profit. Overall, the chart still looks healthly for a near term uptrend with possible correction taking place. Immediate support stands at 2520, 2430 level and resistant rest at 2630 and 2670 level.

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