Bollinger band reading : pullback correction downside biased.
MACD Histrogram : recovering, seller taking profit.
Support : 2770, 2750, 2720, 2700 level.
Resistance : 2800, 2850, 2900, 2920 level.
Comment :
FCPO closed recorded small gain with improved volume changed hand while last Friday soy oil ended little higher and currently surging higher recording huge gains while crude oil also climbing higher.
Official MPOB report released showing negative impact data by registering lower exports with higher stocks and output level however both cargo surveyor reported double digit percentage surge in exports for the period of 1~10 lifted FCPO price to trade higher.
Daily chart formed a doji bar candle closed farer from middle Bollinger band after market opened and tested higher ground followed by after lunch downward slide before recovered upward partly to closed near opening price.
Chart study remained 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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