FCPO closed : 3042, changed : +57 points, volume : lower.
Bollinger band reading : side way range bound.
MACD Histrogram : resumed rising, buyer and seller battling.
Support : 3020, 2970, 2930, 2900 level.
Resistance : 3050, 3070, 3100, 3150 level.
Comment :
FCPO closed recorded substantial gains with lower volume changed hand while overnight soy oil ended little lower and currently trading higher while crude oil currently rebounding higher.
Deteriorate U.S. soybean crop conditions and tighten soyoil supplies resulted traders bet on demand shifting to crude palm oil again plus yesterday oversold price level due to worries on global economy slowdown lead price of FCPO to rebound higher.
News wise, Reuters survey reported lower export, stocks and production levels.
Daily chart formed a up bar bar candle closed above middle Bollinger band level after market opened little higher and soar upwards all the way before eased little lower to closed near the high of the day.
Chart reading remained suggesting a side way range bound little 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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