Bollinger band reading : correction range bound downside biased.
MACD Histogram : turned downward, seller in control.
Support : 2950, 2920, 2900, 2850 level.
Resistance : 2970, 3020, 3050, 3070 level.
Comment :
FCPO closed weaker with slowing down volume exchanged. Soy oil price currently trading little weaker after overnight plunged lower while crude oil price continue to test lower support level.
Sluggish global economy outlook resulted broad commodities and crude palm oil to trade weaker on slower demand concern.
Daily chart analysis revised to suggesting a correction range bound downside biased market development.
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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