Bollinger band reading : pullback correction downside biased.
MACD Histrogram : recovering, seller reducing position.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed little lower with decline volume transacted. Soy oil price currently registering small gain after overnight closed higher while crude oil price seems still struggling to test back 100 per barrel level.
Market traded within 27 points range bound market ahead of tomorrow MPOB official Jan 2012 export, production and inventory data plus 1~10 Feb cargo surveyor export data.
Daily chart analysis still suggesting a pullback correction downside biased market development with temporary support 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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