Crude palm oil opened higher and tested above the resistant line but no follow through brought the market down lower to closed at 2242 retreated 24 points with higher volume traded. At closed price still remained above the middle Bollinger band = market still traded in postive territory. However, Bollinger band width turned narrowing = market will likely to stay side way range bound. MACD Histrogram also taken a step lower = there are more seller activities participated in the market today. Overall market still trading in the positive zone with possible side way market. Fundamentally, export figure released today shows some improvement follow by increase in stocks and output neutralised the positive sentiment toward crude palm oil price.
When to buy : buy at support or weakness with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
No comments:
Post a Comment