Bollinger band reading : bearish side way.
MACD Histrogram : recovering upward, seller reducing position.
Support : 2440, 2400, 2370 level.
Resistant : 2470, 2500, 2521 level.
Comment :
A wild swing market today on FCPO that tested both low support level and high resistant level before closing near the opening to forming a long body doji bar candle. Chart wise, both Bollinger band and MACD indicator suggesting a consolidating side way range bound market with some downside biased likely. On the other hand, market is waiting for the soon to be release export data(positive expectation) next week and
there are some news saying that both Malaysia and Indonesia will be having lower production of crude palm oil due to the taking place replanting process.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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