20091030 1432 FCPO Hourly Chart Study.

Crude palm oil futures traded 9 points lower to closed the morning session at 2180 with lower volume transacted after gaping up at the high of 2207 during opening. The last hourly candle still traded at above mid Bollinger band in a narrowing Bollinger band width = market is trading sideway range bounde. MACD Histrogram edge up slowly = only mild buying activity done. Overall market will be likely to trade sideway but trader will have to bare in mind that today will be the last trading day of the week with possible trade closing position ahead of the weekend.