Bollinger band reading : pullback correction downside biased.
MACD Histrogram : turned upward, seller taking profit.
Support : 2900, 2850, 2800, 2770 level.
Resistance : 2920, 2950, 2970, 3020 level.
Comment :
FCPO closed recorded small gain with quiet volume transacted. Overnight soy oil ended higher and currently trading firmer while crude oil currently trading little lower.
Soy oil recent severe falls into oversold level resulted trader to lock in profit covering short position pushed price little higher. Both cargo surveyor reported small decline in crude palm oil export for the month of Sep 2011.
Daily chart formed a down doji bar candle closed above lower Bollinger band level after market opened gap up and traded side way within tide 21 points range bound market followed by last half an hour sell down activities pressed price lower tested below support level before recovered upward to closed off the low of the day
Technical reading suggesting a pullback correction downside 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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