FCPO closed : 2927, changed : -21 points, volume : lower.
Bollinger band reading : correction range bound little upside biased.
MACD Histogram : falling lower, seller taking exposure.
Support : 2920, 2900, 2850, 2800 level.
Resistance : 2950, 2970, 3020, 3050 level.
Comment :
FCPO closed recorded loss for the 4th day with declined volume traded. Soy oil currently trading weaker after overnight closed lower while crude oil price currently rising higher.
Price extended loss as picking up inventory concern persisted ahead on next Monday official MPOB Aug 2012 data and exports figure release by 2 cargo surveyors.
FCPO technical reading revised to suggesting a correction range bound little upside biased market development with MACD indicator having negative crossed down today.
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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