Bollinger band reading : pullback correction upside biased.
MACD Histogram : rising higher, buyer in control.
Support : 3070, 3050, 3020, 2970 level.
Resistance : 3100, 3150, 3200, 3250 level.
Comment :
FCPO closed recorded gains with shrinking volume exchanged. Soy oil currently registering more than 1% gain after last Friday ended little higher while crude oil price continue to test higher resistance level.
Surging crude oil price (partly due to Venezuela's biggest refinery on fire), persisted dry weather sending soybean price higher and sustaining crude palm oil exports data reported by ITS cargo surveyor push FCPO price firmer today.
Technical chart reading wise, market is trading in a pullback correction upside 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.
No comments:
Post a Comment