Bollinger band reading : correction range bound upside biased.
MACD Histrogram : turned downward, buyer take profit.
Support : 2670, 2650, 2620 level.
Resistant : 2700, 2720, 2750 level.
Comment :
Over upward extended FCPO faced selling pressure today as buyer decide to take profit in a larger scale pressed price to closed near the low of the day recorded a loss after both ITS and SGS export cargo surveyor released a substantial dropped in export for the period of 1~10 August 2010 down 17.4% and 14.2% respectively. Daily chart shows market opened gap down and corrected lower below upper Bollinger band with the reading calling a correction range bound upside biased market development potentially testing lower support levels.
When to buy : buy at support or weakness with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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