Bollinger band reading : side way range bound downside biased.
MACD Histrogram : rising, buyer taking exposure.
Support : 2850, 2800, 2770, 2750 level.
Resistance : 2900, 2920, 2950, 2970 level.
Comment :
FCPO closed recorded loss with better volume changed hand while last Friday soy oil closed recorded huge gains and currently retracing lower while crude oil price continue to surge higher.
Higher but slowing down export data reported by both cargo surveyors and Reuters reported Indonesia Sep 2011 palm oil export down by 20.7% resulted FCPO price to closed lower today.
Daily chart formed a wide range down bar candle with upper shadow closed near middle Bollinger band after market opened higher and tested higher near resistance level, snapping downward back to near last Friday closing price and trade range bound before last half an hour selling activities pressed price to close at the low of the day.
Technical reading still suggesting a side way range bound 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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