Bollinger band reading : upside biased still.
MACD Histrogram : reversed lower, buyer retreated, seller present.
Support : 2650, 2620, 2590 level.
Resistant : 2670, 2700, 2730 level.
Comment :
Last hour heavy selling pushed FCPO price to closed at the low of the day with improved volume transacted indicates that market participant are not too optimistic on the price of CPO in the near term with the going on review by few industry experts at palm oil conference. Despite the negative sentiment development, FCPO daily chart reading has yet to turned pessimistic and is still trading in a upside biased market with correction taking place as yesterday price ended way above the upper Bollinger band level. Expect market correction to continue in the near term. On the other hand trader should also pay attention to a possible double top formation happening with MACD indicator getting weaker development.
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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