FCPO closed : 3144, changed : +62 points, volume : higher.
Bollinger band reading : correction range bound little downside biased.
MACD Histrogram : rising higher, buyer taking small exposure market.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed recorded gains with improved volume particiaption while soy oil overnight closed lower.
Significant surge in soy oil price due to concern over bad weather will affect lower harvest resulted palm oil prices to trade in huge discount to soy oil price provided support to FCPO price to closed higher as lower palm oil price will attract more buying interest. Market also awaits today ITS and SGS export data.
Daily chart formed an up bar candle closed above middle Bollinger band level after market opened gap up, surged upward quickly within minutes and retreated lower toward the end of morning session followed by afternoon session climb tested near support level trigerring some short covering to closed near the high of the day.
Technical reading adjusted to suggesting a correction range bound little downside biased market development testing support and resistance level pending export data annoucement.
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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