The FCPO active month contract ended off low on Tuesday due to electronic soybean oil prices traded sharply higher during the Asian trading session had supported the FCPO price. At the close, the FCPO price was flat at 2,301.
Based on the daily chart, a small positive candle has been formed on Tuesday where it indicated that buying interest emerged at the intraday low level. During the trading session, the FCPO price had tested the intraday first support level but it did not break below that level. If the price is able to stay above this level in the coming days, there is a high possibility it may rise further.
Referring to the MACD histogram, it is building up in the negative zone. As always, intraday support and resistance levels will be eyed.
Technical indicators:
MACD= Negative, ADX= Negative
Intraday technical support & resistance for 17/04/2013
1st support 2,285; 2nd support 2,228-15
1st resistance 2,340; 2nd resistance 2,380
Recommendations
Sell Into any Rebound High
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