Bollinger band reading : downside biased.
MACD Histrogram : falling, seller in control.
Support : 3270, 3200, 3150, 3100 level.
Resistance : 3300, 3350, 3420, 3450 level.
Comment :
High Volatility FCPO closed recorded loss with ultra high volume participation ahead of tomorrow export data despite soy oil trading range bound without big movement in quiet volume resulted palm oil trading at big discount compare to soy oil prices.
Daily chart formed a down doji bar candle with long long lower shadow positioned nearer to lower Bollinger band level after market opened gap down, plunge lower once recorded 4% loss and touched below lower Bollinger band followed by after lunch session profit taking activities lifted price upward to recovered upward substantially to closed near opening price.
Chart reading wise, market is still likely to trade downside biased with a little possibility of having a pullback as today formed a hammer candle pattern and the 4th down bar candle.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant/breakdown with larger cut loss and profit target.
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