FCPO closed : 2400, changed : +14 points, volume : lower.
Bollinger band reading : downside biased.
MACD Histrogram : continue lower, seller defending well.
Support : 2350, 2300, 2240 level.
Resistant : 2400, 2450, 2500 level.
Comment :
Tighter range lesser volume FCPO ended the week marginally higher after last week slightly double top break down closed right at the crucial resistant level. Weekly chart wise, outlook still having a downside biased market development reading and perhaps trader will have to wait for more confirmation as market seems like
in the middle of a cross road carrying the possibility of rebound upward or continue to head south.
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