20111025 1807 FCPO EOD Daily Chart Study.

FCPO closed : 2951, changed : +61 points, volume : higher.
Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : rising, buyer taking exposure.
Support : 2950, 2920, 2900, 2850 level.
Resistance : 2970, 3020, 3050, 3070 level.
Comment :
FCPO closed recorded huge gains with improving volume transacted while overnight soy oil closed recorded gains and currently trading firmer while crude oil price continue to seek higher ground.
Better export data released by 2 cargo surveyor and anticipation of lower production level resulted FCPO to trade higher today.
Daily chart formed a wide range bar candle closed right at upper Bollinger band level after market opened higher and climb upwards all the way towards the end to closed near the high of the day .
Chart study revised to suggesting a side way range bound little upside biased market development testing support and resistance level with possible pullback correction.
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.