Bollinger band reading : correction range bound downside biased.
MACD Histrogram : recovering, seller closing position.
Support : 3650, 3620, 3550, 3500 level.
Resistance : 3700, 3720, 3750 level.
Comment :
First day of Palm Oil Conference FCPO closed recorded gains for the 5th day in a row with quiet volume participation as crude oil price continue to trade firmer while soy oil trading little lower.
Daily chart formed a small up bar candle positioned little above middle Bolligner band resistance level after market opened unchanged and lifting higher to closed near the high of the day.
Chart reading still suggesting a correction range bound downside biased market development testing support and resistant level with MACD indicator about to cross up.
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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