Bollinger band reading : pullback correction upside biased.
MACD Histogram : weakening, buyer taking profit.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed recorded gains with slowing down volume changed hand. Soy oil currently recording substantial gains by more than 1.5% snapping back last Friday losses while crude oil price currently trading higher.
Price traded higher on weather concern factor with higher export and lower inventories speculation ahead of tomorrow official June 2012 MPOB data and release of 2 cargo surveyor exports figures for the period of 1 ~ 10 on July 2012. News wise, Reuters reported Bangladesh delays tender for 1,500 tonnes of palm olein.
Technical chart wise, market is still trading in a pullback correction upside biased market development.
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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