Bollinger band reading : side way range bound.
MACD Histrogram : rising, buyer taking exposure.
Support : 3270, 3250, 3200, 3150 level.
Resistance : 3300, 3350, 3420, 3450 level.
Comment :
Boring FCPO closed recorded gains with higher volume changed hand while soy oil overnight closed recorded small gain and currently trading firmer.
Stronger palm oil demand prospect plus weather issue affecting soybean planting area influencing price of both palm oil and soy oil to move higher.
Daily chart formed a small up doji bar candle closed above middle Bollinger band level after market opened gap up and traded within a tight 18 points range bound market towards the end to closed above opening price.
Technical reading remained suggesting a side way range bound market development possibly testing higher resistant 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 quick cut loss and profit target.
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