20091120 1300 FCPO Mid Day Hourly Chart Study.

Crude palm oil futures traded mostly higher in the first half session to closed 14 points higher at 2385 in response to positive export figure released by ITS export cargo surveyor that improve 14.5% to 930,133 tonnes for the period of 1~20 Nov 2009. Price tested below but managed to closed above the middle Bollinger band with the band width narrowing = market are likely to trade side way upside biased. MACD Histrogram improved slowly = buyer returned prudently to take their chances for a further upside movement. Immediate support stands at 2360 and resistant rest at 2415 level. In order for market to move higher, sufficient volume is needed in the second half session, or else market are likely to trade side way.