Crude palm oil futures up 10 points to closed at 2531 with lower volume forming a doji bar candle today. Despite today's advance, market seems having difficulties to determine which way it should headed toward without any fresh leads and catalyst. With this directionless mood, price continue to trade side way range bound as shown in the narrowing Bollinger band width. MACD Histrogram registered a lower below zero line reading shows that buying interest is gradually decreasing. Despite this negative feeling, FCPO unarguably is still trading in the uptrend market correction phase and is too early to even start thinking about Mr Bear thus expecting the market to trade side way range bound with potentially upside biased. Immediate support stands at the middle Bollinger band level and resistant rest at the previous high 2606 level.
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