Bollinger band reading : correction range bound upside biased.
MACD Histrogram : weakening, buyer taking profit.
Support : 3070, 3050, 3020 level.
Resistant : 3100, 3150, 3200 level.
Comment :
Hit new high FCPO traded firmer recorded gain with slightly better volume changed hand despite a disappointing slower Oct 2010 export data released today as soy oil futures price continue to trade firmer after US Dollar getting weaker. Daily chart formed a doji bar candle closed near the high of the day just few points away form the 3100 resistant level with the reading suggesting a correction range bound upside biased market development for the near term.
When to buy : buy at support and 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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