Bollinger band reading : pullback correction little downside biased.
MACD Histogram : recovering, seller reducing exposure.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed rallied higher with little lesser volume distributed. Soy oil currently trading higher after last Friday advance little higher while crude oil price currently trading little higher.
Price soar higher ahead of tomorrow export data and after news from Reuters on Malaysia government to increase crude palm oil tax free export quota to 2 million tonnes, persisted dry weather from U.S. and prospect on further stimulus measures from world central bank sent broad commodities price upwards.
FCPO daily chart analysis continue to 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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