FCPO closed : 3136, changed : -42 points, volume : lower.
Bollinger band reading : downside biased.
MACD Histrogram : resumed lower, seller taking position again.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed recorded loss again with lower volume participation changed hand while overnight soy oil closed recorded loss and currently trading lower.
Price hit 7 month low as investors expect second half of the year production level to continue higher due to stable weather and higher harvest yield pressure price to move lower. Reuters reported that Indonesia official are considering to lower maximum palm oil export tax from 25% to 20%.
Daily chart formed a down doji bar candle with longer upper shadow closed nearer to lower Bollinger band after market opened gap down, edge upwards tested the higher near yesterday closing price and plunge downward all the way to closed near the low of the day.
Technical chart reading suggesting a further downside biased market development possibly testing lower support.
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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