Crude palm oil futures traded marginally lower to closed at 2559 down 3 points after morning gap up and hit the high at 2606 followed by profit taking activities in response to majority of the commodities futures market that traded weaker due to stronger US dollar. At closed, price still ended near the upper Bollinger band level with the band width contracted marginally = market remained upside biased with possible correction taking place. MACD Histrogram stayed unchanged = today's transacted volume are evenly distributed among buyers and sellers. Look at the chart wise, market could still potentially trade higher but having said that trader have to monitor closely the development of US dollar and US interest rate that could potentially turn the positive sentiment away.
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.
No comments:
Post a Comment