Bollinger band reading : correction range bound downside biased.
MACD Histrogram : turned lower, buyer and seller battling.
Support : 2970, 2930, 2900, 2850 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded losses with lower volume transacted while overnight soy oil closed little higher and currently trading lower while crude oil moving range bound.
FCPO and Soy oil traded range bound between gain and losses after ITS and SGS released higher but slowing down export data followed by late afternoon Indonesia official news on lower export tax and changed of crude palm oil export tax structure lead market to fall lower. Increase of margin effectively tomorrow also results some trader to close or reduce position ahead of the long Hari Raya holidays break.
Daily chart formed a down doji bar candle closed below middle Bollinger band support level after market opened lower, traded range bound until late afternoon followed by sell down activities pressed price lower before rebounded slightly to closed off the low of the day.
Technical reading turned to suggesting a correction range bound downside biased market development possibly testing lower support 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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