Bollinger band reading : side way range bound downside biased.
MACD Histrogram : fall lower, seller testing market.
Support : 3200, 3150, 3100, 3070 level.
Resistance : 3250, 3270, 3300, 3350 level.
Comment :
FCPO closed recorded loss with increasing volume participation while soy oil overnight closed loss for the second day and currently trading weaker.
News wise, Reuters survey reported a negative fundamental data with little improve export but higher stock and output level compare to Mar 2011 while on the other hand news reported that India's PEC tenders to buy 15,000 tonnes of palm olein vegetable oil due to low stock level at port.
Daily chart formed a down bar candle with upper shadow positioned nearer to lower Bollinger band level after market opened little lower, edge up higher tested resistance levels followed by last hour heavy sell down to closed at the low of the day.
Chart reading suggesting a side way range bound downside biased market development testing possibly testing lower support levels with MACD indicator having negative crossed down.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant/break down with quick cut loss and profit target.
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