Bollinger band reading : downside biased.
MACD Histogram : resume falling, seller taking exposure.
Support : 2880, 2840, 2800, 2770 level.
Resistance : 2900, 2920, 2950, 2970 level.
Comment :
FCPO closed lower with improving volume traded. Soy oil currently recording marginal loss after overnight loss while crude oil price currently retreating lower after overnight surge.
U.S. Midwest rains, higher Brazil soybean crop and today bearish Reuters survey result send crude palm oil lower breaking previous 2880 support level.
Daily chart reading continue to suggesting a downside biased market development with previous 2880 support broken turned into resistance level possibly testing 2840 support level.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with moderate cut loss and profit target.
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