Bollinger band reading : pullback correction upside biased.
MACD Histrogram : falling lower, buyer reducing exposure.
Support : 3250, 3200, 3150, 3100, 3070 level.
Resistance : 3270, 3300, 3350, 3420 level.
Comment :
FCPO closed recorded gains with rising volume participation. Soy oil price currently trading higher after overnight closed recorded loss while crude oil price soaring after after overnight decline.
Crude palm oil May 2012 futures contract rise higher from negative zone after key industries experts giving bullish outlook during the last day of palm and lauric oils conference due to higher crude oil, weak US Dollar, strong demand and low output cycle factors.
Chart analysis remained unchanged suggesting a pullback correction upside biased market development.
When to buy : buy at support or weakness with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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