Bollinger band reading : little upside biased.
MACD Histrogram : rising, buyer taking position.
Support : 3350, 3300, 3270, 3250 level.
Resistance : 3420, 3450, 3470, 3500 level.
Comment :
FCPO closed recorded gains with better volume participation while soy oil overnight closed firmer and currently trading higher.
Higher export data released by both ITS and SGS cargo surveyor reaffirmed market than improving demand for palm oil is on track.
Daily chart formed an up doji bar candle position closing upper Bollinger band level after market opened little higher, tested lower below support level and edge up higher before eased little softer to closed off the high of the day.
Chart reading suggesting little upside biased market development with possibly having downward pullback correction.
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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