Bollinger band reading : side way range bound.
MACD Histrogram : turned upward, seller buyer battling.
Support : 3050, 3020, 2970, 2950 level.
Resistance : 3070, 3100, 3150, 3200, 3250 level.
Comment :
FCPO closed recorded marginal gain with improved volume transacted. Overnight soy oil closed recorded small gain and currently trading firmer while crude oil price currently trading higher.
Mixed outlook presented by industry expert during the last day of Indonesia palm oil conference resulted FCPO to trade between gain ans loses.
Daily chart formed a down doji bar candle positioned in between middle and lower Bollinger band after market opened and trade little higher, eased lower recorded loss and climb upwards back into positive zone before ease little lower to close near opening price.
Technical chart still suggesting a side way range bound 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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