Tuesday, November 17, 2009

FCPO Report

Morning everyone, was sick yesterday, though I was a goner that time because there is abundant of H1N1 cases at my work place, Gulp. Luckily, there is no fever. Right now, its news time. 
-U.S. stocks rallied, sending benchmark indexes to 13-month highs, and commodities gained as retail sales rebounded and Asian government leaders pledged to maintain economic stimulus spending. The dollar fell to a 15- month low and Treasury two-year yields touched the lowest level since January.
-Crude oil traded near $79 a barrel in New York after rising the most in six weeks on optimism fuel demand will increase amid improved prospects for an economic recovery in the U.S., the world’s biggest energy consumer. Crude oil for December delivery rose $2.55 to settle at $78.90, the biggest gain since Sept. 30.
-In other news, India's vegetable oil imports in the marketing year ended Oct. 31 rose 37% to record high of 8.66 million tons, total edible oil imports were also up 46% at 8.18 million tons. -The Solvent Extractors' Association of India 
FCPO Daily Chart
















From here, it looks like the beginning of wave 3 formation after the break away gap and also price ranged break on yesterday open. The next retracement or resistance level might be 2,506 based on Fib level (161.8%). Well, its not a science so beware when counter trading against any trend. Always look a chance to buy in this market.
Disclaimer: The author is not liable for any loss incur due to this write up and trade recommendations made by this websites.

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