FCPO closed : 2540, changed : -37 points, volume : lower.
Bollinger band reading : correction range bound little downside biased.
MACD Histogram : turned downward, buyer taking profit.
Support : 2520, 2490, 2450, 2400 level.
Resistance : 2550, 2570, 2600, 2620 level.
Comment :
FCPO closed recorded loss with lesser volume participation Soy oil currently falling lower after overnight closed recorded small gain while crude oil price trading weaker.
Buyer profit taking activities after 5 consecutive days of advance followed by afternoon news on Indonesia may lower November palm oil export tax to 10.5% from Oct 13.5% send FCPO price lower today.
Daily chart reading continue to calling a correction range bound 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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