Bollinger band reading : pullback correction upside biased.
MACD Histrogram : weakening, buyer taking profit.
Support : 3200, 3150, 3100, 3070 level.
Resistance : 3250, 3270, 3300, 3350 level.
Comment :
FCPO closed recorded tiny gain with shrinking volume changed hand. Soy oil price rebounding higher after last Friday closed losing substantially while crude oil price trading between gains and losses staying firmed above 100 per barrel level.
News wise, Indonesia agriculture ministry reported lower crude palm oil export of 5% to 19.4 million tonnes for the year of 2011 and forecast 2012 production to increase by 14% to 25.71 million tonnes.
Daily chart formed a small up bar candle with little lower shadow closed in between upper and middle Bollinger band level after market opened lower, rebounded upward into positive zone and fall lower tested new intraday low before edge upward slowly back to recording gain and closed near the high of the day.
Chart reading remained suggesting a pullback correction upside biased market development.
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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