FCPO closed : 2411, changed : -85 points, volume : lower.
Bollinger band reading : side way range bound little downside biased.
MACD Histogram : falling lower, seller testing market.
Support : 2400, 2350, 2300, 2250 level.
Resistance : 2450, 2490, 2520, 2550 level.
Comment :
FCPO closed recorded substantial loss with slower volume exchanged. Soy oil price currently trading weaker by 1% after last Friday closed plunged 2% lower while crude oil price currently trading lower.
Continue higher inventories level concern and weaker soy oil price development sent crude palm oil price 3.4% lower.
FCPO daily chart study revised to suggesting a side way range bound little downside biased market development with MACD indicator having negative crossed down.
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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