Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : fall lower, seller taking small exposure.
Support : 3270, 3250, 3200, 3150 level.
Resistance : 3300, 3350, 3420, 3450 level.
Comment :
142 points range FCPO market closed recorded loss 4 days in a row with better volume transacted while soy oil overnight closed about the same and currently trading weaker.
Factor to watch will be tomorrow official MPOB May 2011 data and tonight U.S.Department of Agriculture reports.
Daily chart formed a huge down doji bar candle with longer lower shadow closed near lower Bollinger band level after market opened higher, tested above resistance level and slide down slowly followed by last hour sell down activities triggered lots of long covering stops order and recovered upwards to closed off the low of the day.
Technical reading suggesting a side way range bound little upside biased market development testing support and resistance 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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