Bollinger band reading : side way range bound downside biased.
MACD Histrogram : turned lower, seller taking initiative.
Support : 3450, 3420, 3350, 3300 level.
Resistance : 3470, 3500, 3550, 3620 level.
Comment :
FCPO closed recorded severe losses with better volume involvement after MPOB Feb 2011 official data showing a slowing demand improving supply development and ITS and SGS cargo surveyor 1~10 Mar released a decreasing export figure while soy oil continue to trade lower after last night substantial falls.
Daily chart formed a wide body down doji bar candle after market opened gap down, edge up little higher and plunge downward all the way before recovered slightly to closed near the low of the day.
Technical reading remained suggesting a side way range bound downside biased market development testing support and resistance 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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