Thursday, May 24, 2012

20120524 1809 FCPO EOD Daily Chart Study.

FCPO closed : 3069, changed : +50 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histogram : turned upward again, seller taking profit.
Support :  3050, 3020, 2970, 2950 level.
Resistance : 3070, 3100, 3150, 3200 level.
Comment :
FCPO closed recorded gains with slower volume exchanged. Soy oil price currently trading higher by 1% after overnight closed recorded loss of 3% while crude oil price currently rebounding higher after over closed substantially lower.
Market opened and traded lower during morning session on weak market sentiment due to European development triggered sell down in broad commodities but managed to recover higher on afternoon session on seller profit taking activities covering position ahead of tomorrow export data.
Daily chart analysis revised back to suggesting a pullback correction downside biased market development.
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.

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