Bollinger band reading : downside biased with possible pullback correction.
MACD Histrogram : falling lower, seller in control.
Support : 2850, 2800, 2770, 2750 level.
Resistance : 2900, 2920, 2950, 2970 level.
Comment :
FCPO closed recorded small loss with lesser volume changed hand. Overnight soy oil ended significantly lower and currently trading between gains and losses while crude oil currently rebounding higher.
Overnight market sentiment turned negative as concern on sluggish demand due to weak global economy outlook resulted broad commodities to trade lower while on news wise, Reuters reported that Indonesia agriculture minister expect that its crude palm oil export to fall and looking forward to boots biofuels and crude palm oil downstream industry development.
Back home FCPO closed recorded small loss ahead of tomorrow export data report.
Daily chart formed a wide range up bar candle closed at near lower Bollinger band level after market opened gap down, tested lower support level and recover upward before moved side way range bound towards the end to closed near the high of the day.
Chart study remained suggesting a downside biased market development with possible pullback correction 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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