Bollinger band reading : correction range bound upside biased.
MACD Histrogram : falling lower, buyer leaving and seller testing market.
Support : 3150, 3100, 3070, 3050 level.
Resistance : 3200, 3250, 3270, 3300 level.
Comment :
FCPO closed recorded rebounded higher with better volume transacted. Soy oil price currently rallying higher after last Friday closed substantially lower while crude oil price also surging higher back to above 100 per barrel level.
FCPO price rebounded higher reacted to news of dryer weather forecast this week across Argentina and Brazil that resulted soybean and soy oil to trade higher.
Chart study suggesting a correction range bound upside biased market development as market currently testing resistance near middle Bollinger band level.
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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