FCPO closed : 3078, changed : +13 points, volume : lower.
Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : rising, buyer taking position.
Support : 3070, 3050, 3020, 2970 level.
Resistance : 3100, 3150, 3200, 3250 level.
Comment :
FCPO closed recorded small gain with declined volume participation while overnight soy oil ended lower weaker and currently rebounding higher while crude oil currently trading little lower after yesterday gains.
FCPO price closed higher despite export data from both ITS and SGS showing decline. News wise, Reuters reported from an industry source shows Indonesia Aug 2011 export increase by 13.1% and Sep palm oil export tax to kept at 15% while Reuters analyst seen higher than normal rainfall across Southeast Asia may hurt palm oil production.
Daily chart formed an up bar candle with small upper and lower shadow closed nearer to upper Bollinger band level after market opened lower, moved side way range bound for the entire morning session followed by after lunch upward rise and eased little lower toward the end but still closed near the high of the day.
Technical reading remained suggesting a side way range bound 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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