Bollinger band reading : upside biased.
MACD Histrogram : continue higher, buyer expand operation.
Support : 2470, 2450, 2400 level.
Resistant : 2500, 2520, 2550 level.
Comment :
FCPO spike up and continue to move upward in higher volume transaction as buying activities accelerate despite a weaker soy oil and crude oil futures price. Hourly chart wise market opened nearly unchanged, tested immediate support level and surge upward to near resistant level to closed a little off the high. Outlook wise, market continue to record upside biased reading with possible pullback correction to take place soon.
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