Bollinger band reading : little upside biased.
MACD Histrogram : rising, buyer taking exposure.
Support : 3350, 3300, 3270, 3250 level.
Resistance : 3420, 3450, 3470, 3500 level.
Comment :
FCPO closed recorded bigger gains with lower volume transacted ahead of tomorrow export data while soy oil overnight closed rallied higher and currently trading firmer.
Hopes for higher oversea demand from China plus firmer soy oil price factor driven today crude palm oil futures Aug 2011 contract to trade higher hitting 2 week high.
Daily chart formed an up doji bar candle with long lower shadow closed near upper Bollinger band level after market opened gap up, tested lower support level and surged higher to closed near the high of the day.
Technical chart reading suggesting an overall little upside biased market development potentially 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.
No comments:
Post a Comment