20091105 1246 FCPO Hourly Chart Study.

Crude palm oil traded -14 points lower to closed at 2246 in the first half session after soy oil futures price retreated. Most of the morning session hourly chart candles ended forming doji bar shows that not fresh catalyst lead the market direction to no where. Having said that, price still holding above the mid Bollinger band = market positive sentiment remained. Bollinger band width expanding slowly = market can possibly move higher. But MACD Histrogram stepping lower = there are long position profit taking activities took place this morning. Overall, a very mixed view market. Like Alan Greenspan said : cautiously optimistic.