20110627 1814 FCPO EOD Daily Chart Study.

FCPO closed : 3042, changed : -75 points, volume : lower.
Bollinger band reading : downside biased with possible pullback correction.
MACD Histrogram : falling, seller in charge.
Support : 3020, 2970, 2930, 2900 level.
Resistance : 3050, 3070, 3100, 3150 level.
Comment :
FCPO closed recorded loss for 4th consecutive day with lower volume participation while last Friday soy oil closed recorded small gain having technical rebound and currently resume trading lower.
Both cargo surveyors reported improved but declining export data for the period of 1~25 Jun 2011 seems disappointing to the market that still having heavy concern over picking up production cycle.
Daily chart formed a wide range down bar candle closed below lower Bollinger band level after market opened gap down, traded range bound followed by 2nd session gap down again and traded range bound again with last minute sell down triggered some stop loss order to closed near the low of the day.
Chart reading suggesting a downside biased market development with possible pullback correction testing support and resistance 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.