Bollinger band reading : side way range bound.
MACD Histrogram : turned upward, buyer seller battling.
Support : 3300, 3270, 3250, 3200 level.
Resistance : 3350, 3420, 3450, 3470 level.
Comment :
FCPO closed recorded gains with increasing volume changed hand after export data released showing decline but improved demand while soy oil overnight closed recorded small gains and currently trading higher in unison with higher crude oil, gold and major commodities prices due to a weakening U.S dollar development.
News wise, Reuters reported that Indonesia official said that consumption of crude palm oil in Indonesia, the world's top producer, will rise by about 80 percent to 18.7 million tonnes by 2015, due to greater demand from downstream industries
Daily chart formed an up doji bar candle positioned near middle Bollinger band level after market opened gap up, tested lower support and surged upward tested resistance near middle Bollinger before closed retreat downward slightly.
Technical chart reading turned to suggesting a side way range bound market development testing lower support and resistance level with MACD indicator turned little crossed up.
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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