Bollinger band reading : pullback correction downside biased.
MACD Histrogram : recovering, seller taking profit.
Support : 3250, 3200, 3150, 3100, 3070 level.
Resistance : 3250, 3270, 3300, 3350, 3420 level.
Comment :
FCPO closed recorded small gain with decreasing volume transacted while soy oil overnight closed higher and currently trading firmer in tandem with as most commodities price that recovering higher after last week severely slump.
MPOB reported better than estimated April 2011 data with higher export, lower stock and output level while export data for the period of 1~10 May 2011 by ITS up 16.5% and SGS down 1% respectively.
Despite the better than estimated MPOB data, stock level still stood at 6 month high kept today's gain limited.
Daily chart formed an up doji bar candle with upper shadow closed nearer to middle Bollinger band level after market opened little higher and surged upward tested resistance level near middle Bollinger band before ease lower to closed off the high of the day.
Techical reading suggesting a pullback correction downside biased market development testing support and resistance level with today candle touched the downward plotted trendline.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with larger cut loss and profit target.
No comments:
Post a Comment