Bollinger band reading : little downside biased.
MACD Histrogram : falling, buyer seller battling.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded marginal gain with slower volume transacted. Overnight soy oil closed recorded loss and currently trading between gain and losses while crude oil price rebounding higher after recent falls.
Lower export data released by both cargo surveyor for the period of 1~10 Dec 2011 while MPOB Nov 2011 data showing lower export and production level with stock level dropped less than expected.
Daily chart formed a down doji bar candle closed near lower Bollinger band level after market opened higher, traded side way tight range 1 tick higher followed by 2nd session plunge lower into negative zone and recovered upward to closed off the low of the day.
Chart reading suggesting a little downside 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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