Bollinger band reading : bearish but side way likely.
MACD Histrogram : rising above zero level, short covering with some buying activities.
Support : 2520, 2500, 2480 level.
Resistant : middle Bollinger band, 2550 level.
Comment :
Higher CBOT soy oil and Dalian palm oil futures price lead FCPO to trade higher by opened gap up and triggered a lot of short covering activities. Hourly chart suggest that market is likely to trade side way range bound downside biased. Unless price manage to break and stay above the middle Bollinger band level may triggered another round of short covering that could lift price higher. Another thing to take note will be the yesterday mentioned possible MACD Histrogram positive divergence formation seems still developing and remain valid.
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