Bollinger band reading : upside biased with possible pullback correction.
MACD Histrogram : rising, buyer still in charge.
Support : 3200, 3150, 3100, 3070 level.
Resistance : 3250, 3270, 3300, 3350 level.
Comment :
FCPO closed unchanged with slower volume exchanged. Soy oil price trading between gain and losses after overnight closed higher while crude oil price retreat lower after recent rise.
Reuter reported that survey conducted expecting a lower import, export, production and stock level.
Daily chart formed a down doji bar candle with lower shadow closed near upper Bollinger band level after market opened higher, chop downward testing little below 3200 support level within 1 hour of trading and recovered upward back into positive zone before eased little lower and closed unchanged.
Chart study adjusted to 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.
Reuters Survey :
Malaysia Dec 2011 Crude Palm Oil
- Imports seen down 24.1% at 66,199 tonnes from Nov 2011
- Exports seen down 9.7 at 1.50 million tonnes from Nov 2011
- Stocks seen down 5.7% at 1.95 million tonnes from Nov 2011
- Output seen down 13.9% at 1.4 million tonnes from Nov 2011
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