Bollinger band reading : side way range bound.
MACD Histrogram : rising, buyer and seller battling.
Support : 3020, 2970, 2930, 2900 level.
Resistance : 3050, 3070, 3100, 3150 level.
Comment :
FCPO closed recorded small loss with better volume transacted while overnight soy oil ended higher and currently easing little lower while crude oil currently trading little weaker.
FCPO swing between gains and losses as market seem mixed anticipating soon to be announce MPOB official Aug 2011 export, stock and production data. While soy oil easing lower tracking lower crude oil price and lack of fresh news on crop and weather.
Daily chart formed a down doji bar candle closed above middle Bollinger band level after market opened lower, surged higher tested resistance level near upper Bollinger band level and fall lower tested middle Bollinger band level before moved side way to closed near the low of the day.
Technical reading switched to suggesting a side way range bound 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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