FCPO closed : 3255, changed : +9 points, volume : higher.
Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : falling, seller testing market.
Support : 3250, 3200, 3150, 3100 level.
Resistance : 3270, 3300, 3350, 3420 level.
Comment :
FCPO closed recorded marginal gain with higher volume transacted ahead of tomorrow export data while soy oil overnight closed recorded moderate gains and currently trading little lower. Market sentiment seems mixed as crude palm oil price discount to soy oil price continue to widen could triggered buying interest among importers after Reuters reported that China buyers have canceled six to eight soy cargoes since April for delivery in June to July and have deferred about 20 cargoes for July to September shipment but nevertheless the past 2 disappointing export data still play some influential factor.
Daily chart formed a down doji bar candle with long lower shadow closed about the same with yesterday candle near to lower Bollinger band level after market opened little higher, slide downwards and recovered upwards to closed near opening price recorded small gain.
Daily technical reading remained suggesting a side way range bound little downside biased market development possibly testing lower 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.
No comments:
Post a Comment