20091029 1248 FCPO Hourly Chart Study.

Crude palm oil futures closed 12 points lower at 2140 due to spillover from soy oil futures weaker sentiment. After gaping down at the morning opening, FCPO traded in a defensive tone with low volume participation. Looking at the hourly chart, FCPO still trading inside a down trend channel below the mid Bollinger band = negative sentiment still persist. Bollinger band width stayed nearly unchange = more downward movement are likely. Due to lower volumne traded, MACD Histrogram crawing up marginally = not serius buying activity happen. Overall market is still weak.