Bollinger band reading : upside biased with possible pullback correction.
MACD Histrogram : resumed rising, buyer still in control.
Support : 3350, 3300, 3270, 3250 level.
Resistance : 3420, 3450, 3470, 3500 level.
Comment :
FCPO rallied higher with lesser volume transacted. Soy oil price currently surging higher registering more than 1% gain after overnight closed recorded loss while crude oil price resume rising after overnight decline.
Crude palm oil May 2012 contract price opened and traded higher after crude oil stayed higher and reuters survey shows increased in India palm oil imports by 28%.
Technical chart study revised to suggesting an upside biased market development with possible pullback correction.
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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