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 small gain with lower volume changed hand while soy oil overnight closed lower and currently rebounding higher.
Firmer crude oil price provide some support to crude palm oil futures to trade little higher despite news on lower export tax to 15% for the month of August by Indonesia official. On the other hand news from China reported that edible oil makers are applying for about 5% price increase to the National Development and Reform Commission.
Daily chart formed a small up doji bar candle closed below upper Bollinger band level after market opened and tested little lower, edge up higher tested resistance level and retreated little lower to closed off the high of the day.
Technical study suggesting FCPO is likely to trade side way range bound little upside biased for the near term possibly testing higher 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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