Bollinger band reading : correction range bound little downside biased.
MACD Histogram : turned downward, buyer seller battling.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded small loss with drying out volume distributed. Soy oil price currently trading little higher after overnight closed recorded small loss while crude oil price still struggling to break above $80 resistance level.
Yesterday news on Indonesia lower crude palm oil export tax and gloomy world economy send FCPO price lower today amid stiff export competetion between the 2 top world crude palm oil export country.
Technical chart wise, reading adjusted to calling a correction range bound little 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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