Bollinger band reading : correction range bound little upside biased.
MACD Histogram : turned upward, buyer still in control.
Support : 3470, 3450, 3420, 3380 level.
Resistance : 3500, 3550, 3620, 3650 level.
Comment :
FCPO closed recorded gain with slower volume changed hand. Soy oil price currently trading higher after overnight marginal loss while crude oil price currently trading higher.
Price trading mostly in negative zone followed by last 30 minutes surged after today lower but improved export data by 2 cargo surveyor plus industry expert Mr. Dorab Mistri standed by his previous RM4,000 price target for FCPO.
End of day chart reading remained suggesting a correction range bound little upside biased market development testing resistance near middle Bollinger band level.
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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