Bollinger band reading : upside biased.
MACD Histrogram : turned upwards, buyer returned.
Support : 3420, 3380, 3350, 3300 level.
Resistance : 3450, 3470, 3500, 3550 level.
Comment :
FCPO closed rallied higher with ultra high volume participation. Soy oil price also rising higher after overnight closed declined lower while crude oil price currently rebounding higher after yesterday falls.
FCPO price surged upwards hitting 9 month high on upbeat demand prospect and lower production anticiaption after yesterday news on Indonesia official annoucement to raised export tax for the month of April and awaits Monday export data.
Chart analysis adjusted to suggesting an upside biased market development with MACD indicator having positive crossed up today.
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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