20120103 1819 FCPO EOD Daily Chart Study.

FCPO closed : 3225, changed : +50 points, volume : higher.
Bollinger band reading : little upside biased with possible pullback correction.
MACD Histrogram : rising, buyer still in charge.
Support : 3200, 3150, 3100, 3070 level.
Resistance : 3250, 3270, 3300, 3350 level.
Comment :
FCPO closed recorded gains with increased volume participation. CBOT soy oil contract closed for new year holiday while crude oil price surging higher.
Slightly declined but improving export data released today lifted FCPO price to trade higher following last Friday soy oil price that closed nearly 2% higher plus surging crude oil prices.
Daily chart formed a small up doji bar candle with upper shadow closed near upper Bollinger band level after market opened gap up edge upwards slowly and move side ways to closed off the high of the day.
Technical reading suggesting a little upside biased market development 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.


ITS CPO export down 2.6% to 1,493,128 tonnes for the period of 1~31 Dec 2011.
SGS CPO export down 3.3% to 1,486,574 tonnes for the period of 1~31 Dec 2011.