Bollinger band reading : correction range bound downside biased.
MACD Histrogram : recovering, seller leaving as buyer testing market.
Support : 3300, 3270, 3250, 3200 level.
Resistance : 3350, 3420, 3450, 3470 level.
Comment :
FCPO closed recorded small gains with lower volume changed hand after better export data released showing sign of improving demand while soy oil trading firmer after overnight registered small gains awaits tonight USDA report.
Daily chart formed the 3rd up doji bar candle with small upper and lower shadow positioned near middle Bollinger band level after market opened and traded little lower, before pushing upwards tested higher and eased little lower to closed near the high of the day.
Technical reading remained suggesting a correction range bound downside biased market development testing higher resistance level near middle Bollinger band with MACD indicator having positive crossed up today.
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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