20091026 1255 FCPO Hourly Chart Study. Side Way Low Vol !

Despite better than expected export figure data that up 16% by ITS, crude palm oil futures traded lower in a tight 15 points range to closed at 2225 with merely 1591 contracts changed hand. This may due to the sluggish price development in soy oil futures that still traded lower compare to last Friday. Looking at the hourly chart, price still trading above mid Bollinger band = market still sticking toward an upward direction. Bollinger band width narrowing = side way range bound market. MACD Histrogram fall breached below to negative territory = selling pressure exist in the market. Overall FCPO is trading in a sideway market.