Bollinger band reading : pullback correction upside biased.
MACD Histrogram : turned downward, buyer taking profit.
Support : 3200, 3150, 3100, 3070, 3050 level.
Resistance : 3200, 3250, 3270, 3300, 3350 level.
Comment :
FCPO closed recorded loss with decreasing volume traded. Soy oil price trading lower after overnight closed slightly lower while crude oil price trading lower after overnight gains.
Profit taking activities press FCPO price lower after recent rallies. News wise, Indonesia palm oil associate projected 6% rise in production for the year 2012.
Daily chart formed a small down bar candle with little upper shadow closed below upper Bollinger band level after market opened and dipped lower, edge upward into positive zone and swing downward towards the end to closed at the low of the day.
Technical reading revised to suggesting a pullback correction 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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