Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : rising, buyer in control.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed recorded loss with lower volume transacted while soy oil overnight closed recorded gain and currently trading firmer.
News wise, Reuters reported Indonesia palm oil associates estimates Indonesia palm oil year end stock to stayed at normal level of 1.5 to 2 millions tonnes, output seen to rose to 22.5 - 33 million tonnes in 2011 from 21.6 million tonnes in 2010 and Malaysia second half FCPO price to range between RM3,000 to RM3,500 per tonne.
FCPO price eased downward taking some breather after yesterday climb and a lower crude oil price.
Daily chart formed a small down bar candle closed below upper Bollinger band level after market opened unchanged, trade in tight 20 over point range bound market followed by second session selling activities pressed price to trade lower and closed near the low of the day.
Chart reading still suggesting a side way range bound little upside biased market development doing small pullback correction 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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