Bollinger band reading : pullback correction downside biased.
MACD Histrogram : turned upward, seller taking profit.
Support : 3200, 3150, 3100, 3070 level.
Resistance : 3250, 3270, 3300, 3350 level.
Comment :
FCPO closed recorded gains with lower volume participation ahead of tomorrow export and MPOB April 2011 official data while soy oil last Friday closed lower but off the low and currently rebounding higher as most commodities recovering higher after last week slumps.
Daily chart formed an up bar doji candle with longer upper shadow closed above lower Bollinger band level after market opened 2 ticks higher, moved little lower and surged higher partly due to some profit taking and short covering activities tested higher resistance before eased little lower to closed off the high of the day.
Chart reading suggesting a downside biased market development with pullback correction taking place 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 larger cut loss and profit target.
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