Bollinger band reading : pullback correction upside biased.
MACD Histogram : weakening, buyer taking profit.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed weaker recorded loss with improved volume transacted. Soy oil price currently trading lower after overnight closed recorded small loss while crude oil price continue to correct lower.
Price head south again today on long liquidation after news on Indonesia trade body decided to lower palm oil export tax for the month of September and concern on the slow improvement in exports would not able to reduce picking up inventory level due to rising production season.
FCPO daily chart reading remained suggesting 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.
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