Bollinger band reading : upside biased with possible pullback correction.
MACD Histrogram : rising, buyer in charge.
Support : 3350, 3300, 3270, 3250 level.
Resistance : 3420, 3450, 3470, 3500 level.
Comment :
FCPO closed recorded rallied higher for the 3rd day with increased volume participation. Soy oil price currently surging higher recording nearly 2% gains after overnight closed higher while crude oil price also trading higher.
Market continue to surge higher after reuters survey showing weaker output and lower inventory level and partly support by firmer soy bean oil as market awaits USDA data tonight with anticipation of lower South America crop forecast. They will also be MPOB Feb 2012 official data and cargo surveyor export data on next Monday.
Chart study adjusted to suggesting an upside biased market development with possible pullback correction.
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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