Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : rising, buyer taking small position.
Support : 2850, 2800, 2770, 2750 level.
Resistance : 2900, 2920, 2950, 2970 level.
Comment :
FCPO closed recorded small gain with slower volume transacted while overnight soy oil closed recorded small loss and currently trading little higher while crude oil price edge up little higher.
FCPO price traded in positive zone through out the day with news on Indonesia sets lower crude palm oil tax for Nov 2011 to 15% from Oct 2011 16.5% level and Malaysia exploring options that include cutting crude palm oil export tax to be on par with Indonesia.
Daily chart formed a down doji bar candle closed in between upper and middle Bollinger band level after market opened gap up, swing downwards and to closed recorded small gain.
Base on chart reading, FCPO still likely to trade side way range bound little downside biased testing support and resistance level for the near term.
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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