Bollinger band reading : correction range bound downside biased.
MACD Histrogram : recovering, seller reducing position.
Support : 3420, 3350, 3300, 3270 level.
Resistance : 3450, 3470, 3500, 3550 level.
Comment :
FCPO closed recorded marginal loss with lower and higher volume participation after ITS and SGS reported a lower but improving export data while soy oil and crude oil trading firmer after last Friday higher closed.
Daily chart formed a down bar candle positioned below middle Bollinger band level after market opened gap up, and slide downward slowly tested support level before recover upward slightly closed near the low of the day.
Technical reading still suggesting a correction range bound downside biased market development with the correction may be ending as today candle resuming its downward movement after formed 4 up bar candles.
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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