FCPO closed : 3135, changed : +16 points, volume : higher.
Bollinger band reading : upside biased with possible pullback correction.
MACD Histrogram : rising, buyer in control.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed recorded gain with improving volume participation while overnight soy oil continue to closed recorded loss and currently rebounding higher while crude oil price rising higher.
Market seems still upbeat on yesterday unexpected lower stock and better export MPOB data released while soybean and soy oil trade lower due to larger South America crop and lower October China soybean imports that reach 7 month low.
Daily chart formed an up doji bar candle with upper and lower shadow closed above upper Bollinger band level after market opened and dipped lower tested support level and move side ways followed by after lunch session rise tested higher resistance level and eased little lower the closed off the high of the day.
Chart study remained suggesting an upside biased market development with possible pullback correction(profit taking).
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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