Bollinger band reading : pullback correction upside biased.
MACD Histrogram : falling, buyer taking profit and seller testing market.
Support : 3350, 3300, 3270, 3250 level.
Resistance : 3380, 3420, 3450, 3470 level.
Comment :
FCPO closed lower with better volume distributed. Soy oil price currently trading weaker after overnight closed little lower while crude oil price currently falling lower.
Market continue to consolidate lower are recent rally with continue profit taking activities and on concern over slowing global economy growth with lead to lower demand. News wise, Indonesia official raised export tax for crude palm oil and palm olein for the month of April.
Technical reading remained calling a pullback correction upside biased market development testing support near middle Bollinger band with MACD indicator having negative crossed 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.
No comments:
Post a Comment