Bollinger band reading : side way range bound.
MACD Histrogram : resumed weakening, buyer reducing position.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed recorded loss with better volume participation while overnight soy oil closed severely lower and currently continue to trade weaker.
Improving rains over soybean planting area lead soybean and soy oil to trade weaker while lower crude oil price due to sustaining fear of slowing world economy growth also lead FCPO price to head south today.
News wise, Reuters reported that Southeast Asian palm oil output growth will slow in the second half of 2011 as the impact of El Nino weather conditions from two years ago manifests with lower oil-yielding palm fruits, a leading agronomist said on Thursday.
Daily chart formed a small down bar candle closed below middle Bollinger band level after market opened gap down, traded side ways within 21 points range bound market to closed near the low of the day.
Technical reading suggesting a side way range bound market development testing support and resistance level awaits soon to be release Reuters survey on July 2011 CPO data.
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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