Bollinger band reading : bullish but only chart wise.
MACD Histrogram : turned lower, seller is back in big scale.
Support : 2620, middle Bollinger band level.
Resistant : 2680, 2700 level.
Comment :
FCPO traded negatively today falling from 7 months high due China government monetary move lead to profit taking in world commodities market including Dalian palm oil and ZL soy oil futures price that dropped heavily. Bollinger band reading still biased to a positive outlook but MACD reading could have a cross down anytime that could possibly forming a negative divergence. With the world largest palm oil importer tighten up its monetary policy as a catalyst that could spread further negative impact to the world commodities, market could trade side way range bound downside biased in the near terms waiting for more fresh leads. Tougher days ahead.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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