The FCPO active month contract ended lower on Tuesday as weak export data released by ITS and SGS remained weighed on the market sentiment. Moreover, uncertainty in the external markets also added some pressured. At the close, the FCPO price was down 8 pts to 2,342.
Based on the daily chart, an uncertain candle had been formed on Tuesday and during the trading session, the FCPO price went up to as high as 2355 but it failed to close above that level. Throughout the day, the price had lingered in a narrow range between 2,330 to 2,355. Our review remain unchanged, if the price fall further, the downside gap will be watched first and to rise further, it need to break and close above the level of 2,380.
Referring to the MACD indicator, MACD line crossed above the signal line where the bullish sentiment could be building up in the near term. As always, intraday support and resistance levels will be eyed.
Technical indicators:
MACD= Positive, ADX= Neutral,
Intraday Technical Support & Resistance for 19th Dec 2012:
1st support 2,300; 2nd support 2,285-2,250
1st resistance 2,350; 2nd resistance 2,380-2,400
GOODLUCK
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