Bollinger band reading : downside biased with possible pullback.
MACD Histrogram : falling, seller building position.
Support : 3350, 3300, 3270, 3200 level.
Resistance : 3420, 3450, 3470, 3500 level.
Comment :
FCPO closed recorded substantial losses for the 2nd day with improving volume transacted after Reuters survey news of India lower palm oil imports and Japan earthquake disaster shaken market sentiment while crude oil and soy oil also trading much lower after the Tokyo news.
Daily chart formed a wide body down bar candle closed below lower Bollinger band after market opened nearly unchanged, edge up higher followed by after lunch diving session breaking few support levels to closed near the low of the day.
Chart reading turned into suggesting a further downside biased market development with possible temporary pullback correction or technical rebound.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant/breakdown with larger cut loss and profit target.
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