Bollinger band reading : upside biased with possible pullback correction.
MACD Histrogram : rising higher, buyer in control.
Support : 3470, 3450, 3420, 3380 level.
Resistance : 3500, 3550, 3620, 3650 level.
Comment :
FCPO closed recorded gain with shrinking volume transacted. Soy oil price currently trading little higher after overnight closed firmer while crude oil price currently trading little higher hovering near 108 level.
FCPO price still traded higher on higher demand prospect, lower production cycle and tight soy oil price supply while industry expert Dorad Mistry speech expecting crude palm oil price to reach RM4,000 by June 2012.
Technical reading still 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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