FCPO closed : 3153, changed : +46 points, volume : higher.
Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : rising, buyer in control.
Support : 3150, 3100, 3070, 3050 level.
Resistance : 3200, 3250, 3270, 3300 level.
Comment :
FCPO closed recorded gain with better volume particiaption while soy oil overnight closed lower and currently trading higher.
Both export cargo surveyors reported higher export today up 5.4% and 5.7% respectively. News wise, China announced extending price control over cooking oil as inflation stayed high and Indonesia may cut crude palm oil export tax to 15% for the month of August compare to July 20% tax level.
FCPO price traded higher today in tandem with soy oil firmer price due to hot weather continue to affect crops resulting a wider discount between the 2 rival cooking oil.
Daily chart formed an wide range up bar candle closed slightly above upper Bollinger band level after market opened lower, surge upwards all the way towards the end to closed at the high of the day.
Technical reading suggesting market to trade side way range bound little upside biased testing support and resistance level.
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.
No comments:
Post a Comment