Bollinger band reading : upside biased with possible pullback correction.
MACD Histogram : rising, buyer in control.
Support : 3100, 3070, 3050, 3020, 2970 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed firmer with encouraging volume distributed. Soy oil price currently trading higher after overnight closed marginally lower while crude oil price currently trading higher after yesterday pullback.
Persisting dry weather across America pressure soybean, soyoil and crude palm oil to trade higher despite news on India cancelling tender to buy from the range of 3,000 to 6,000 tonnes of crude palm oil.
Daily chart analysis revised slightly to suggesting an upside biased market development with possible pullback correction.
When to buy : buy at support or weakness with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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