Bollinger band reading : correction range bound little upside biased.
MACD Histrogram : falling, buyer continue to take profit and reducing exposure.
Support : 3720, 3700, 3650 level.
Resistance : 3750, 3770, 3800 level.
Comment :
FCPO continue to slip lower with lower volume participation after export data(1~10 Jan 2010) released continue to show a weaker demand on crude palm oil while soy oil traded little higher after last Friday closed lower due to higher crude oil surge higher after pipeline shutdown in Alaska.
Daily chart formed a down bar candle with upper shadow after market opened gap up tested higher resistance level and sell down due to profit taking activities press price to closed at the low of the day heading toward middle Bollinger band support level with the reading suggesting a correction range bound little upside biased market development.
When to buy : buy at support or 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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