Bollinger band reading : pullback correction downside biased.
MACD Histrogram : recovering, seller lock in profit.
Support : 3150, 3100, 3070, 3050 level.
Resistance : 3200, 3250, 3270, 3300 level.
Comment :
FCPO closed recorded substantial gains with higher volume participation. Soy oil price currently trading higher after overnight closed 1 tick higher while crude oil price also rallying higher.
Market continue to have technical rebound with some short covering activities after recent falls and news on Malaysia government has issued 2012 tax free crude palm oil export quotas of 3 million tonnes after weeks of delay plus lower inventory and production estimates. Meanwhile, market also awaits USDA report on soy bean crop forecast.
Technical reading remained suggesting a pullback correction downside 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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