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 firmer with declined volume changed hand. Soy oil price currently trading higher after overnight closed recorded small loss while crude oil price trading between gain and losses.
Price continue to surge higher after both cargo surveyor reported better export data, higher India imports and drop in cooking oil supplies. Huge increased in export reported today may probably due to Chinese New Year holidays and fewer days in February month.
Daily chart reading remained 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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