Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : turned lower, buyer reduce exposure.
Support : 3050, 3020, 2970, 2950 level.
Resistance : 3070, 3100, 3150, 3200 level.
Comment :
FCPO closed nearly unchanged down by 1 tick with increasing volume participation. Overnight soy oil ended lower and currently trading higher while crude oil trading weaker.
News wise, Indonesia official announced will lift its crude palm oil export tax to 16.5 percent for October from the current 15 percent while China reported resilient August 2011 commodities imports. Meanwhile, Reuters reported that Malaysia may announce some measure to protect and support the local palm oil industry in order to counter Indonesia new palm olein export tax structure implementation.
Daily chart formed a small up bar candle closed in between middle and upper Bollinger band level after market opened lower and edge upwards slowly towards the end to closed near the high of the day.
Chart study remained calling for 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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