FCPO closed : 3312, changed : -3 points, volume : lower.
Bollinger band reading : side way range bound.
MACD Histrogram : rising, buyer seller still battling.
Support : 3300, 3270, 3250, 3200 level.
Resistance : 3350, 3420, 3450, 3470 level.
Comment :
FCPO closed recorded gains with lower volume participation after despite soy oil overnight closed recorded more that 1% gains and currently trading firmer along with higher crude oil and gold prices as U.S dollar continue to weaken.
News wise, Reuters reported that Indonesia government official to reduce May 2011 crude palm oil export tax to 17.5% compare to the current 22.5% level.
Daily chart formed a doji bar candle positioned near middle Bollinger band level after market opened little lower, tested lower support and recovered upwards recording small gain followed by news on Indonesia export tax reduce resulted last minutes price drop to end off the high near opening price.
Chart reading still suggesting a side way range bound market development testing support and resistance level with MACD indicator crossed up higher.
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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