Bollinger band reading : correction range bound downside biased.
MACD Histogram : rising, buyer seller battling.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded loss with decreasing volume transacted. Soy oil price currently trading firmer after overnight closed recorded gain while crude oil price currently trading lower.
Traders sentiment turned negative as renew concern over European debts contagion risk resisting soy oil, crude oil and FCPO price from moving upwards however yesterday MPOB lower crude palm oil inventory data keep loss limited.
Daily chart study remained suggesting a correction range bound downside biased market development with MACD indicator having little crossed up and MACD histogram forming positive divergence.
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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