Bollinger band reading : upside biased.
MACD Histrogram : getting higher, seller reducing exposure.
Support : 2520, 2500, 2470 level.
Resistant : 2550, 2570, 2600 level.
Comment :
FCPO continue to edge higher in average volume changed hand after industry expert Mr. Dorab Mistry given a bullish outlook on FCPO price with the 2nd half year target near RM3,000 per tonne during yesterday Brazil conference due to erratic weather causing lower production. Hourly chart wise, price opened unchanged and surge upward tested above but closed below 2550 resistant level with the reading suggesting an upside biased market development.
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