Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : weakening, buyer leaving.
Support : 3250, 3200, 3150, 3100 level.
Resistance : 3270, 3300, 3350, 3420 level.
Comment :
FCPO closed marginally lower with better volume changed hand while soy oil overnight closed lower due to U.S. Dollar rebounded higher and currently trading nearly unchanged.
News wise, Reuters reported that Indonesia largest listed plantation firm recorded 25.7% higher production of palm oil for the period of 1st quarter this year compare to same period last year.
Daily chart formed a up doji bar candle similar to last Friday candle positioned lower in between middle and lower Bollinger band level after market opened gap down, traded lower hit 2 weeks low and recovered upwards all the way salvaging most of the intraday losses to closed near the high of the day.
Technical reading remained interpreting a side way range bound little downside 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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