Crude palm oil futures traded in thin volume today by closing 8 points lower at 2234 despite stronger crude oil and soy oil futures price with a weaker US dollar. However, price still remained above the middle Bollinger band = market sentiment remain biased to the upside. Bollinger band width narrowing at a slower pace = market will likely to trade side way range bound. MACD Histrogram continue to lower = could be partial long position covering happen today. Overall, market has yet to turn negative with immediate support rest at middle Bollinger band level.
When to buy : buy at support/weakness/break out with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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