FCPO closed : 3360, changed : -33 points, volume : lower.
Bollinger band reading : pullback correction upside biased.
MACD Histrogram : weakening, buyer taking profit.
Support : 3350, 3300, 3270, 3250 level.
Resistance : 3420, 3450, 3470, 3500 level.
Comment :
FCPO closed recorded loss with lower volume changed hand partly due to profit taking activities and after yesterday month to month export data improvement not really exciting at all.
Soy oil overnight closed little lower and currently edge up slightly but seems struglling to test higher price level after attempting for few days.
Daily chart formed a down doji bar candle with upper shadow closed nearer to middle Bollinger band level after market opened little lower, tested little higher and fall downward all the way to closed near the low of the day.
Technical reading remained showing a pullback correction upside biased market development possibly testing support near middle Bollinger band level.
When to buy : buy at support or weakness with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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