Bollinger band reading : pullback correction downside biased.
MACD Histrogram : turned upward, seller taking profit.
Support : 2970, 2930, 2900, 2850, 2800 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded gain with decreasing volume participation while overnight soy oil closed nearly unchanged and currently trading higher.
Improved export data and anticipation of continue lower stock and production level for the fasting month lifted crude palm oil futures price trade higher. Market also awaits tonight USDA data from the U.S.
Daily chart formed an up bar candle closed above lower Bollinger band level after market opened 2 tick higher, edge up little higher and move side ways followed by second session upwards surges all the way to closed near the high of the day.
Chart reading remained suggesting a pullback correction 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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