Bollinger band reading : correction range bound upside biased.
MACD Histrogram : resume falling, buyer seller battling.
Support : 3150, 3100, 3070, 3050 level.
Resistance : 3200, 3250, 3270, 3300 level.
Comment :
FCPO closed recorded loss with reducing volume traded. Soy oil price currently trading higher after overnight closed recorded loss while crude oil price also registering gain.
Price traded lower through out the day after MPOB official forecast higher output for this year due to replanting activities 2-3 years ago.
Chart reading still suggesting a correction range bound upside biased market development testing resistance near middle Bollinger band 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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