FCPO closed : 3119, changed : +85 points, volume : higher.
Bollinger band reading : upside biased with possible pullback correction.
MACD Histrogram : resumed rising, buyer in charge.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed recorded huge gains with better volume exchanged while overnight soy oil closed recorded huge loss and currently rebounding higher while crude oil price also resume rising higher.
Lower export data from both export cargo surveyor but MPOB official better than estimate data on higher export, lower stock and little rise on output triggered FCPO price to fly sky high.
Daily chart formed an huge wide range up bar candle closed above upper Bollinger band level after market opened gap down and edge upward higher all the way to closed near the high of the day.
Technical reading suggesting a upside biased market development with possible pullback correction.
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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