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 unchanged with slightly better volume transacted. Soy oil price trading firmer after overnight closed rallied higher while crude oil price currently trading higher.
1~10 Jan 2012 Export data release by both cargo surveyors decline by more than 15% while MPOB official Dec 2011 data for export, stock and production level dropped but below market estimates.
Chart study still suggesting a pullback correction upside 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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