Futures

A contractual agreement, generally made on the trading floor of a futures exchange, to buy or sell a particular commodity or financial instrument at a pre-determined price in the future. Futures contracts detail the quality and quantity of the underlying asset; they are standardized to facilitate trading on a futures exchange. Some futures contracts may call for physical delivery of the asset, while others are settled in cash.

** Source from: www.investopedia.com

Tuesday, September 8, 2009

FCPO close opened gap

Daily 1-year chart


15 minute chart


Today, a pretty strong rebound today to cover the gap at 2197. It also surprised me as it really went all the way up to cover the gap and closed at 2210. Nearest resistance would be 2220 while it's support 2125. However, looking at the daily 1-year chart, with periods 10,20 and 30, clearly it shows a down trend.

My Opinion: Hold on to short while putting a stop loss at 2280 would be a good idea.

**Chart from OSK's 188OMS
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