FCPO closed : 3246, changed : +13 points(continuous chart up 10 points), volume : lower.
Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : turned negative, seller testing market.
Support : 3200, 3150, 3100, 3070 level.
Resistance : 3250, 3270, 3300, 3350 level.
Comment :
FCPO closed recorded small gain with decreasing lower volume changed hand while soy oil last Friday closed nearly unchanged and currently trading marginally higher. Reuters reported that price inched up slightly on hope that wider discount compare to rival soy oil (about USD 180) may ignites price sensitive buyer from India and China to switch over to palm oil.
Daily chart formed a down doji bar candle closed near lower Bollinger band level with the bandwidth started to expand outwards after market opened little higher, traded within 48 points range before closed little lower from opening price.
Chart reading still suggesting a side way range bound little downside biased market development possibly testing lower support level with MACD indicator having little negative cross down today.
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.
No comments:
Post a Comment