Bollinger band reading : upside biased with possible pullback correction.
MACD Histrogram : rising, buyer in control.
Support : 3150, 3100, 3070, 3050, 3020 level.
Resistance : 3200, 3250, 3270, 3300 level.
Comment :
FCPO closed recorded gain with slower volume changed hand while Friday night soy oil closed recorded gains and currently trading firmer while crude oil easing lower after rally.
Industry expert Mr. Dorad Mistry higher crude palm oil price forecast due to improving demand and slowing down output lead FCPO to break higher resistance level.
Daily chart formed an up bar candle with lower shadow closed above upper Bollinger band level after market opened gap up and traded side way range bound market followed by minutes push to closed near the high of the day.
Technical reading still suggesting an 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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