FCPO closed : 3002, changed : -34 points (continuous chart down 68 points), volume : higher.
Bollinger band reading : correction range bound downside biased.
MACD Histrogram : recovering, seller reducing exposure.
Support : 2970, 2930, 2900, 2850 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded loss with improved volume exchanged while overnight soy oil closed recorded gain and currently trading lower in tandem with lower crude oil price.
Price traded lower after global equity market traded lower due to news of lower than estimates Germany and Spain GDP figure plus slowing China economy by The Conference Board, a New York-based research organization raised worry on slowing down global economy growth.
Daily chart formed a down bar candle closed below middle Bollinger band level after market opened little lower and traded range bound swing between gain and losses followed by second session selling activities pressed price to lower and closed near the low of the day.
Technical reading suggesting a correction range bound downside biased market development 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 quick cut loss and profit target.
No comments:
Post a Comment