Can It Gets Any Simpler Than This???
FCPO Daily technical analysis: The FCPO active month contract ended lower on Friday due to bad export figures released by ITS and SGS which had weighed on the market sentiment. Moreover, investors also booked some of their profits ahead of long weekend. At the close, the FCPO price dropped 36 pts to 2,445.
Based on the daily chart, a negative candle had been formed on Friday where it indicated price had been pressured throughout the day. As we can see in the chart, the FCPO price had retreated after it had failed to break above the resistance line as drawn in the chart. To rise further, it needs to break and stay above the resistance line. Otherwise, it may fall back.
Referring to the MACD histogram, it is building in the positive zone. As always, intraday support and resistance levels will be eyed.
Technical Indicators:
MACD= Positive, ADX= Positive,
Intraday Technical Support & Resistance for 29th Jan 2013:
1st support 2,430; 2nd support 2,404-2377
1st resistance 2,488; 2nd resistance 2,525-50
GOODLUCK2ALL
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