What a tricky day for the crude palm oil futures market ! After a big wash yesterday, FCPO washed out a lot of intraday buyer and seller by gaping up, test higher, swinging down low and followed by a last hour push up to close at the high forming an almost hammer candle. At closed, price still stay above mid Bollinger Band shows that market could the trade biased to the upside. But Bollinger Band width telling a sideway range bound market by narrowing tighter. However, MACD Histrogram reversed upward due to buyer returned to the market with the last hour buying activity. Volume traded today also higher by 65% compare to yesterday.
When to buy : Buy on dip or break up with larger stop loss and profit target.
When to sell : Sell on break down preferably below mid Bollinger Band with quick profit and cut loss.
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