The FCPO active month contract ended off low on Monday as drop in palm oil inventory had underpinned FCPO price. At the close, the FCPO price was up 1 pts to 2,449.
Based on the daily chart, a small negative candle with lower wick has been formed on Monday where it indicated the FCPO price had supported at the intraday low level. During the trading session, the FCPO price tested the support line as drawn in the chart but it did not break below that S1 support line. So we still need to monitor closely whether the price is able to stay above the support line in the coming days. If the price is able to stay above this line, it will rise further.
Referring to the MACD histogram, it is building up in the negative zone. As always, intraday support and resistance levels will be eyed.
Technical indicators
MACD= Negative, ADX= Negative,
Intraday technical support & resistance for 12th Mar 2013
1st support 2,428; 2nd support 2,405-2,370
1st resistance 2,465-80; 2nd resistance 2513
GOODLUCK
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