Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : rising, buyer in little advantage.
Support : 3050, 3020, 2970, 2930 level.
Resistance : 3070, 3100, 3150, 3200 level.
Comment :
FCPO closed recorded small gain with slowing down volume traded while last Friday soy oil ended higher and currently trading firmer while crude oil currently trading lower.
Following higher soy oil price development, FCPO price also opened and moved higher but however price gain are limited after news on MPOB official reported a lower export, stock and production level while weaker export data released from ITS and SGS for the period of 1~10 Sep 2011. Market also awaits tonight USDA data on crop forecast for the month.
Reuters survey reported that India August palm imports seen up 8.7%, soy oil imports seen down 49.5% and total vegetable imports seen down 5.7% to 860,875 tonnes versus July 2011.
Daily chart formed an up doji bar candle positioned near upper Bollinger band level after market opened higher, traded side ways with boring 23 points range bound market to closed near the high of the day.
Chart reading remained suggesting a side way range bound market little upside 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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