Bollinger band reading : upside biased with potential correction.
MACD Histrogram : rising higher, buyer dominated market.
Support : 3350, 3300, 3270 level.
Resistant : 3420, 3470, 3500 level.
Comment :
Another higher high recorded FCPO closed higher with better volume traded despite a mixed export data as market seems taking serious concern on weather factor plus a stronger soy oil futures price. On the other hand MPOB released official Oct 2010 CPO data with the stock level continue to build up higher but was lower than consensus expectation. Daily chart formed a hanging man doji bar candle position way way above upper Bollinger band level hinted that market really need a correction to take place soon after 4 days climb with overall market still having upside biased development.
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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