FCPO closed : 2615, changed : -28 points, volume : lower.
Bollinger band reading : side way range bound.
MACD Histrogram : weakening, buyer closing position.
Support : 2600, 2570, 2550 level.
Resistant : 2620, 2650, 2670 level.
Comment :
Official released of August 2010 higher inventory and output level plus a weak export leaded FCPO to decline further in slightly lower volume transaction despite an improved September first half export data and higher soy oil futures price as buyer decided to close off position. Daily chart formed 2nd down bar candle with the reading suggesting a side way range bound market testing lower support level near middle Bollinger band 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 quick cut loss and profit target.
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