Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : resumed rising, buyer stay put.
Support : 3350, 3300, 3270, 3250 level.
Resistance : 3420, 3450, 3470, 3500 level.
Comment :
FCPO closed recorded substantial gains with higher volume traded as traders anticipating improving demand ahead of Monday MPOB report and export data while soy oil, crude oil and most commodities trading significantly higher as a result of E.U. rate hike affecting a lower U.S. Dollar compare to Euro.
Daily chart formed a strong up bar candle closing above middle Bollinger band with the bandwidth remained unchanged after market opened and tested little lower, before recovered and surged upwards to closed at the high of the day.
Technical chart reading turned to suggesting a side way range bound little upside biased market development possibly testing higher resistant level as market recorded higher low for the past 2 weeks.
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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