20100712 1816 FCPO EOD Daily Chart Study.

FCPO closed : 2340, changed : +40 points, volume : lower.
Bollinger band reading : correction downside biased.
MACD Histrogram : recovering, seller reducing exposure
Support : 2330, 2300, 2270 level.
Resistant : 2350, 2370, 2400 level.
Comment :
Lower crude palm oil stock level reported by MPOB plus positive export figure release by ITS and SGS lead FCPO to surge and close higher in supportive volume traded. Daily chart shows market up strongly breaking and stay above resistant level with the reading suggesting a side way range bound correction upside biased market testing higher resistant level.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with larger cut loss and profit target.