Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : getting higher, seller leaving as buyer testing market.
Support : 3250, 3200, 3150, 3100 level.
Resistance : 3270, 3300, 3350, 3420 level.
Comment :
Tight range FCPO closed recorded small gain with little improved volume exchanged while soy oil overnight closed higher and currently trading little softer ahead USDA reporting.
News wise, Indonesia official announced plan to lower maximum palm oil export taxes while Reuters survey reported higher India vegetable oil imports for the month April 2001(higher palm oil imports but lowers soybean oil imports).
Daily chart formed a small up doji bar candle closed near middle Bollinger band level after market opened little higher and traded upwards slowly followed by second session fall tested below yesterday closing price before recovered upward to closed near opening price.
Chart reading suggesting a side way range bound little downside biased market development testing support and resistance level with MACD indicator just having a crossed up. Price could possibly trading within the plotted side way channel.
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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