Bollinger band reading : downside biased.
MACD Histogram : recovering, seller taking profit.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed 1 tick lower with declined volume transacted. Soy oil price currently trading lower by more than 1% after overnight closed rallied higher by 2% while crude oil price currently trading substantially lower after yesterday rebound.
Price traded mostly in the negative territory today as 2 industry experts giving negative price outlook for crude palm oil for this year due to weaker crude oil price development at a conference in Mumbai, India.
Technical chart reading remained suggesting a downside biased market development with immediate support near 2970 level still in defending.
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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