FCPO Daily Commentary & Technical Analysis
The FCPO active month contract ended slightly higher on Wednesday as electronic soybean oil prices traded higher during the Asian trading session which had underpinned the FCPO price. At the close, the FCPO price was up 5 pts or 0.20% to 2,471.
Based on the daily chart, the FCPO price traded in a narrow range on Wednesday and it had formed a small negative candle. As we can see in the chart, the trend is still positive as long as the FCPO price is able to stay above the level of 2,360. On the other hand, the price could linger in between the range of 2360-2529 and to rise further, it need to break and closes above the level of 2530.
Referring to the MACD histogram, it is building up in the positive zone. Meanwhile, MACD line is crossing above the signal line where the positive sentiment could be building up. As always, intraday support and resistance levels will be eyed.
Technical indicators
MACD= Positive, ADX= Negative
Intraday technical support & resistance for 18th Oct 2012
1st support 2440-2400; 2nd support 2360
1st resistance 2530; 2nd resistance 2575
GOODLUCK
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