Bollinger band reading : pullback correction little downside biased.
MACD Histogram : turned upward, seller reducing exposure.
Support : 2920, 2900, 2850, 2800 level.
Resistance : 2950, 2970, 3020, 3050 level.
Comment :
FCPO rebounded higher with better volume transacted. Soy oil currently registering gains after overnight decline by more than 1% while crude oil price currently rising higher.
Price rebounded after news on ECB pledge to save Euro send broad commodities price higher and Thailand will imports 30,000 tonnes of crude palm oil by end of August to prevent shortage supply due to bad weather has cut productions.
Daily technical chart reading remained suggesting a pullback correction 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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