Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : rising, buyer staying.
Support : 3350, 3300, 3270, 3250 level.
Resistance : 3420, 3450, 3470, 3500 level.
Comment :
FCPO closed recorded marginal gain with decreased volume changed hand after MPOB reported not just a higher export figure but also a higher stock and output level(all export, stock and output reported are way above market estimation) while ITS and SGS export data release showing decline. On the other hand, soy oil last Friday closed rallied higher and are now having little pullback correction.
Daily chart formed a down bar candle with lower shadow positioned near upper Bollinger band and the bandwidth expanded by small margin after market opened gap up, testing little higher followed by profit taking activities pressed price tested lower recorded loss before recovered upward partially.
Chart reading still suggesting a side way range bound little upside 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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