Bollinger band reading : pullback correction upside biased.
MACD Histrogram : weakening, buyer taking profit.
Support : 2950, 2920, 2900, 2850 level.
Resistance : 2970, 3020, 3050, 3070 level.
Comment :
FCPO closed recorded gain with accelerating volume particiaption while overnight soy oil closed recorded loss and currently rebounding upward while crude oil price trading between gains and losses.
Both soy oil and FCPO price are having technical rebound after recent fall with focus on weather development and market awaits crude palm oil October 2011 official export, production and stock level.
Daily chart formed an up bar candle with small upper and lower shadow positioned in between middle and upper Bollinger band level after market opened little higher and moved side way within tight 11 points range bound market for the morning session followed by after lunch session opened gap up and climb higher towards the end before eased slightly lower to closed near the high of the day.
Technical study still suggesting a pullback correction upside 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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