Bollinger band reading : downside biased with possible pullback correction.
MACD Histrogram : fall lower, seller taking exposure.
Support : 3150, 3100, 3070, 3050 level.
Resistance : 3200, 3250, 3270, 3300 level.
Comment :
Hit 6 week low FCPO closed recorded loss with increasing volume transacted while soy oil overnight continue to closed lower and currently trading weaker as most commodities slumps while U.s Dollar continue to recover upward.
Current picking up crude palm oil production cycle and increasing stock level still pressuring price to stay lower with some mild buying interest from importing countries like China, India and Pakistan.
Daily chart formed an up bar doji candle with longer lower shadow closed at lower Bollinger band level after market opened gap down, edge up little higher tested resistance levels followed by after lunch sell down touched 6 week low before recovered upwards to closed near the high of the day.
Technical chart reading turned to suggesting a downside biased market development with possible upward pullback correction.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with larger cut loss and profit target.
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