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 recorded small loss with reducing volume participation. Soy oil price currently trading lower after overnight closed recorded small loss while crude oil price fall lower after yesterday tested above 100 level.
Soy oil and crude palm oil price fell lower after news on normal USDA supply and demand estimates with no immediate weather problems for South American crops plus slower export data from MPOB and cargo surveyor. MPOB also announced a lower output and inventories level for the month of Jan 2012.
Technical reading remained unchanged suggesting a pullback correction downside biased market development with middle Bollinger band support turned resistance.
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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