Bollinger band reading : side way with slightly bullish biased.
MACD Histrogram : getting stronger, short covering and buyer returned.
Support : 2620, 2590, 2570 level.
Resistant : 2650, 2670, 2720 level.
Comment :
Higher soy oil futures price and short covering leads crude palm oil futures to opened and traded stronger with better volume. Price also managed to break throught and stay above the 2620 resistant turned support level. Hourly chart outlook has just turned to a better positive sentiment reading but has yet to turned bullish convincingly. Expect market to trade side way range bound with a little upside biased and testing of support level.
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