Bollinger band reading : side way range bound.
MACD Histrogram : rising, buyer seller battling.
Support : 3250, 3200, 3150, 3100 level.
Resistance : 3270, 3300, 3350, 3420 level.
Comment :
FCPO closed recorded small gain with lower volume changed hand ahead of tomorrow public holiday while soy oil last Friday overnight closed lower and currently rebounding little higher. However crude oil are currently trading down nearly 2%.
News wise, both ITS and SGS cargo surveyor reported higher export data up 27.6% and 33.2% respectively while Reuters reported that Bangladesh tenders to buy 4,000 tonnes of soy oil and 4,000 tonnes of palm olein showing some sign of demand recovery.
Daily chart formed an up doji bar candle closed little below middle Bollinger band level after market opened lower, traded side ways and climbed upwards followed by last minutes intraday profit taking pressed price downward to closed off the high of the day.
Chart reading still suggesting a side way range bound market development testing support and resistance level with MACD indicator having positive crossed up.
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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