Bollinger band reading : correction range bound downside biased.
MACD Histogram : rising, seller reducing exposure.
Support : 3020, 2970, 2950, 2920 level.
Resistance : 3050, 3070, 3100, 3150 level.
Comment :
FCPO closed marginally higher with shrinking volume transacted. Soy oil price currently retreating lower after overnight rallied substantially while crude oil price moving range bound below $80 per barrel.
FCPO traded in quiet volume tight 26 point range market with indecisive direction ahead of EU Summit, lower China growth by HSBC, increased but slowing down exports reported by cargo surveyor and news on India tenders to buy 3,000 tonnes of crude palm oil.
Daily technical chart study remained 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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