Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : falling lower, seller taking exposure while buyer leaving.
Support : 3100, 3070, 3050 level.
Resistant : 3150, 3200, 3270 level.
Comment :
FCPO continue to trade weaker closed recorded decline with surging higher volume transacted as soy oil still traded weaker plus China official announced a likely drop in palm oil import. Daily chart formed a doji down bar candle continue to correct downwards from the middle Bollinger band level with the reading suggesting a side way range bound little upside biased market development testing support and resistant level.
When to buy : buy at support and 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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