Bollinger band reading : correction range bound downside biased.
MACD Histogram : recovering, seller taking profit.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded small gain with slowing volume participation. Soy oil price currently trading higher by more than 1% after last Friday fall substantially lower while crude oil price currently trading higher.
May Official MPOB data released today are little positive biased as lower stock, higher production and export levels while 2 cargo surveyors reported mixed export figures for the period of 1~10th this month. Broad commodities price surge higher reacted to the better than estimates China economy data.
Despite the positive news, daily chart study revised to suggesting a correction range bound downside biased market development with MACD indicator almost having a cross up.
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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