Bollinger band reading : upside biased with possible pullback correction.
MACD Histogram : resumed rising, buyer in control.
Support : 3500, 3470, 3450, 3420 level.
Resistance : 3500, 3550, 3620, 3650 level.
Comment :
FCPO rallied again closed recorded huge gains hit new 1 year high with better volume transacted. Soy oil price trading firmer after last Friday surged upwards nearly 3% while crude oil price continue to consolidate lower.
FCPO Jun contract gain nearly 3% after soy oil surge higher due to USDA reported drop in soy bean planting area by 1% while export data released shows improvement but slowing down pace.
Daily chart study calling 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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