FCPO closed : 3082, changed : +48 points, volume : lower.
Bollinger band reading : correction range bound downside biased.
MACD Histrogram : rising higher, seller reducing position as buyer testing market.
Support : 3070, 3050, 3020, 2970 level.
Resistance : 3100, 3150, 3200, 3250 level.
Comment :
FCPO closed recorded gains with slower volume transacted while soy oil moved higher.
Better export and lower inventories estimates by USDA and better than expected China economic growth supported soy oil and crude palm oil price to move higher.
Latest Reuters poll shows that average price of 2011 Malaysia palm oil futures contract down 6.5% to RM3,200 per tonnes compare to the 1st half 2011 estimate and 2012 Malaysia palm oil futures contract down 6.3% to RM3,000 per tonnes compare to 2011 estimate.
Daily chart formed am up doji bar candle positioned near middle Bollinger band level after market opened higher, slipped downward slightly and surged higher before last minutes eased little lower to closed near the high of the day.
Chart reading still suggesting a correction range bound downside 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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