Author Topic: FCPO 0314: Chart and News 23-27 Dec 2013  (Read 1694 times)

Offline maymyk

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FCPO 0314: Chart and News 23-27 Dec 2013
« on: December 24, 2013, 08:26:04 AM »
Tuesday 24/12/2013

Technical:
1. Daily chart shows bullish reversal pattern and stochastic oversold. However it might have probably touched to resistance 2620 (thrice), which is also the middle band of Bollinger (20 days Moving Average) so today's session shall see a pull back toward support level if 2590.

2. 15-min chart shows 2620 is holding as s strong resistance. As the same time, the upper Bollinger band (2 standard deviation) is coming lower and providing further resistance. Today's session shall see a pull back toward support level of 2590.

3. Soybean Oil is traded and closed lower by 0.17 point compared to yesterday's close. As a direct substitute product to CPO, a weakened Soyean Oil usually will influence of weak CPO as well. Today's session shall see a pull back toward support level of 2590.

Fundamental:
1. Raining season in Malaysia (2nd largest CPO producer) may push the price above 2620 today.


Daily Chart:


15-min Chart:


Soybean Oil Future Daily Chart:
"Every trader has strengths and weakness. Some are good holders of winners, but may hold their losers a little too long. Others may cut their winners a little short, but are quick to take their losses. As long as you stick to your own style, you get the good and bad in your own approach." - Marcus

Offline maymyk

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Re: FCPO 0314: Chart and News 23-27 Dec 2013
« Reply #1 on: December 24, 2013, 08:28:38 AM »

Tuesday 24/12/2013

Technical:
1. Daily chart shows bullish reversal pattern and stochastic oversold. However it might have probably touched to resistance 2620 (thrice), which is also the middle band of Bollinger (20 days Moving Average) so today's session shall see a pull back toward support level if 2590.

2. 15-min chart shows 2620 is holding as s strong resistance. As the same time, the upper Bollinger band (2 standard deviation) is coming lower and providing further resistance. Today's session shall see a pull back toward support level of 2590.

3. Soybean Oil is traded and closed lower by 0.17 point compared to yesterday's close. As a direct substitute product to CPO, a weakened Soyean Oil usually will influence of weak CPO as well. Today's session shall see a pull back toward support level of 2590.

Fundamental:
1. Raining season in Malaysia (2nd largest CPO producer) may push the price above 2620 today.
2. USD-MYR exchange rate remains weak, this would influence foreign traders to buy more hence resulting price being pushed upward.


Daily Chart:


15-min Chart:


Soybean Oil Future Daily Chart:
"Every trader has strengths and weakness. Some are good holders of winners, but may hold their losers a little too long. Others may cut their winners a little short, but are quick to take their losses. As long as you stick to your own style, you get the good and bad in your own approach." - Marcus