20110113 1855 FCPO EOD Daily Chart Study.

FCPO closed : 3694, changed : +44 points, volume : higher.
Bollinger band reading : side way range bound.
MACD Histrogram : falling, seller staying.
Support : 3650, 3620, 3550 level.
Resistance : 3700, 3720, 3750 level.
Comment :
Technical rebound FCPO recorded gained with improving volume participation after 4 days of fall while overnight soy oil rallied to closed significantly higher after USDA data showing a lower than expected stock level.
Daily chart formed a down bar candle with lower shadow after market opened gap up, tested lower support level and recovered but still closed below middle Bollinger band resistance level while the reading still suggesting a side way range bound market development testing support and 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 quick cut loss and profit target.