Bollinger band reading : upside biased.
MACD Histrogram : weakening, buyer taking profit.
Support : 3270, 3250, 3200, 3150 level.
Resistance : 3300, 3350, 3420, 3450 level.
Comment :
FCPO closed recorded small gains with improving volume transacted. Soy oil price currently trading firmer after overnight closed recorded gains while crude oil price trading range bound testing resistance level.
Strong crude oil price, forecast of slower global soybean output and stronger export resulted soy oil and crude palm oil to trade higher while trader awaits tomorrow export data.
Technical chart reading remained suggesting an upside biased market development.
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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