20120413 1822 FCPO EOD Daily Chart Study.

FCPO closed : 3510, changed : -49 points, volume : higher.
Bollinger band reading : correction range bound upside biased.
MACD Histogram : falling lower, buyer taking profit.
Support : 3500, 3470, 3450, 3420 level.
Resistance : 3550, 3620, 3650, 3700 level.
Comment :
FCPO closed recorded substantial loss with ultra high volume distributed. Soy oil price currently trading lower after overnight rally while crude oil price currently trading correcting lower after overnight surged.
FCPO price finally having significant correction after recent bull run as trader realising profit while news reported India refined palm oil import dropped 38.6% and crude palm oil imports fall 29% for the month of March 2012 accoring to India trade body.
Technical reading still suggesting a correction range bound upside biased market development possibly testing near support level with MACD indicator having negative crossed down.
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.