Bollinger band reading : correction range bound upside biased.
MACD Histrogram : weakening, buyer realising profit.
Support : 3070, 3050, 3020 level.
Resistant : 3100, 3150, 3200 level.
Comment :
Directionless FCPO traded within a small 23 points range bound market recorded small declined as market awaits US Federal Reserve policy decision announcement that will affect US Dollar movement plus market seems over concerns on Malaysia weather issue that has yet to hit major palm oil plantation states. Daily chart formed the 4th doji bar candle traded range bound in consolidation phase as market is likely to be quiet tomorrow doing correction range bound upside biased ahead of this weekend 5th China International Oils and Oilseeds Conference at Guang Zhou.
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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