FCPO closed : 3074, changed : -3 points, volume : lower.
Bollinger band reading : correction range bound downside biased.
MACD Histrogram : rising higher, seller closing position as buyer testing market.
Support : 3070, 3050, 3020, 2970 level.
Resistance : 3100, 3150, 3200, 3250 level.
Comment :
FCPO closed 3 ticks lower with lower volume participation while overnight soy oil closed lower and currently trading weaker.
MPOB reported improved and better than estimates Jun 2011 data with better export, lower stock and production level but on the other hand, both cargo surveyors reported slowing down export data for the period of 1~10 July pressured price to trade lower.
Daily chart formed a down doji bar candle closed near middle Bollinger band level after market opened higher, edge upward tested above resistance level and slide downwards all the day near support level followed by last hour partial recovery to closed off the low of the day.
Chart reading suggesting a correction range bound downside biased market development testing support and resistance level with MACD indicator having positive cross up.
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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