20111011 1806 FCPO EOD Daily Study.

FCPO closed : 2801, changed : unchanged +8 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histrogram : recovering, seller taking profit.
Support : 2800, 2770, 2750, 2720 level.
Resistance : 2850, 2900, 2920, 2950 level.
Comment :
FCPO closed recorded small gain with lower volume traded while last overnight soy oil ended higher and currently easing little lower while crude oil trading lower having pullback correction after recent rallies.
Reuters survey reported India September palm oil imports seen up 8.5%, soy oil imports seen up 65.5% and total vegatable oil imports seen up 6.4% to 870,000 tonnes vs August.
Daily chart formed a down bar candle with lower shadow closed in between lower and middle Bollinger band after market opened higher, swing downwards followed by last hour partial recovery to closed off the low of the day.
Near term chart reading suggesting market is still having pullback correction within a 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.