FCPO closed : 3050, changed : +25 points, volume : lower.
Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : rising, buyer and seller battling.
Support : 3020, 2970, 2930, 2900 level.
Resistance : 3050, 3070, 3100, 3150 level.
Comment :
FCPO closed recorded gain with lower volume changed hand while overnight soy oil ended lower and currently edging upward while crude oil currently trading weaker.
Wider price discount compare to rival soy oil prices lifted FCPO price to trade in positive territory through out and traders expecting Monday MPOB stock level to decline further.
Soy oil also trading higher as traders expecting USDA to announce lower crop forecast for soybean. News wise, Reuters reported that Indonesia new CPO export tax structure to be implement effectively 15 Sep 2011.
Daily chart formed an up doji bar candle positioned in between middle and higher Bollinger band level after market opened higher, traded in quiet 13 point range bound market followed by after lunch gap up, surged higher tested above resistance level and slide downwards to the low of the day before recovered upward to closed at 3050 resistance level.
Chart reading turned to a side way range bound market little upside biased outlook 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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