Trading within a 21 points directionless ranging market, Bursa Malaysia crude palm oil futures ended 12 points lower to closed at 2168 forming a doji bar candle. Through out the day, FCPO was trading in a negative tone but some how it is being supported at the 2160-2150 level. Daily chart wise, its still trading above mid Bollinger Band shows that market still biased to the upside. However, with Bollinger Band width narrowing together with MACD Histrogram turned lower suggesting that the market could possibly trading side way range bound or even perhaps some long position covering activity could happen.
When to buy : Buy on dip or at support with larger profit target and cut loss.
When to sell : Sell at resistant or reversal(on smaller time frame) with quick profit and cut loss.
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