Bollinger band reading : side way range bound.
MACD Histrogram : recovering, buyer seems putting in more effort here.
Support : 3800, 3750, 3720 level.
Resistance : 3820, 3850, 3900 level.
Comment :
Flood in producing states like Sabah and Johor lead to deliveries delay push FCPO to rallied recorded gain with slowing down volume transacted despite export data released recorded drop while soy oil and crude oil futures price traded firmer.
Daily chart formed a wide range up bar candle after market opened gap up and surge higher to closed at the high of the day near upper Bollinger band resistant level while the band width turning inwards. Reading wise, market still likely to trade side way range bound but fundamentally supply concern due to flood issue may push price testing higher resistant level.
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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