20100121 1839 FCPO EOD Daily Chart Study.

Hourly Chart : Broken strong resistant level at 2470 !

Daily Chart :

FCPO closed : 2488, changed : +44 points, volume : lower by 11 contracts.
Bollinger band reading : side way with little upside biased.
MACD Histrogram : up and down and up, buyer and seller taking turned to wack the market.
Support : 2440, 2400, 2370 level.
Resistant : 2470, 2521, middle Bollinger band level.
Comment :
Dead man walking ! FCPO opened gap down 34 points, recovered all the way up to record a big positive closed today. Just take a look at today's long body up candle that covered up the entire body of yesterday candle, a strong technical rebound that broken 2 level of resistant, especially the 2470 resistant level that represented the hourly chart middle Bollinger band, vertical line and downward trend line resistant. Daily chart still suggesting a bearish view reading but the improved MACD Histrogram reading with today strong recovery candle that broken 2 resistant level suggest that the technical rebound could still take place in the near term. Tougher market ahead.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.