Bollinger band reading : pullback correction upside biased.
MACD Histrogram : weakening, buyer taking profit.
Support : 3200, 3150, 3100, 3070 level.
Resistance : 3250, 3270, 3300, 3350 level.
Comment :
FCPO closed lower with declining volume transacted. Soy oil price currently trading weaker after overnight closed recorded small loss while crude oil price currently falling.
Crude palm oil May 2012 contract trading lower ahead of palm oil conference outlook meeting while broad commodities traded lower after China target slower 2012 growth and higher U.S. Dollar.
Chart reading still suggesting a pullback correction upside biased market development with MACD indicator almost having negative cross down.
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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