20120308 1813 FCPO EOD Daily Chart Study.

FCPO closed : 3303, changed : +37 points, volume : lower.
Bollinger band reading : pullback correction upside biased.
MACD Histrogram : turned upward, buyer returning.
Support : 3300, 3270, 3250, 3200 level.
Resistance : 3350, 3420, 3450, 3470 level.
Comment :
FCPO closed recorded gains for the 2nd day with reduced volume transacted. Soy oil price currently soaring higher after overnight closed recorded loss while crude oil price also registering gains.
Weaker U.S. Dollar, bullish outlook by few industry experts and rebounded global equity market lifted FCPO price to trade higher.
Daily technical reading still recommending a pullback correction upside biased market development possibly testing previous high resistance level near 3321.
When to buy : buy at support or weakness with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.