Crude palm oil futures advanced 24 points higher to closed at 2269 with lower volume transacted. Today white bar candle closed nearer to the upper Bollinger band with the band width expanding = market remained biased to upside movement. MACD Histrogram flatted nearly unchanged = both buyer and seller are taking cautions measure ahead of the Monday export data figure and also swicthing of Jan09 contract to Feb09 contract starting from next Monday onwards. Market managed to test the plotted upper resistant line but failed to break through above it. Overall market still potentially trade higher should the plotted immediate resistant line broken with supportive volume.
When to buy : buy at support/weakness/break up 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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