Bollinger band reading : downside biased.
MACD Histogram : rising, buyer seller battling.
Support : 2950, 2920, 2900, 2850 level.
Resistance : 2970, 3020, 3050, 3070 level.
Comment :
FCPO closed weaker with drying out volume traded. Soy oil price currently trading higher after overnight closed recorded marginal loss while crude oil price currently trading little lower after overnight rebound.
Concerns on uncertainty over Europe region debt crisis development will result weaker palm oil demand pressure FCPO price to trade lower despite recorded lower inventory level.
Technical chart analysis revised to resume calling a downside biased market development testing support and resistance with the last 2 doji bars shows uncertainty.
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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