Bollinger band reading : pullback correction downside biased.
MACD Histrogram : turned upward, seller lock in profit.
Support : 3070, 3050, 3020, 2970 level.
Resistance : 3100, 3150, 3200, 3250 level.
Comment :
FCPO closed higher with reduced volume transacted. Soy oil price currently trading higher after overnight closed slightly higher while crude oil price also recording gains.
Short position traded decided to lock in partial profit after recent falls and reduce exposure ahead of long holidays than resume trading only on Wednesday.
Chart study adjusted to suggesting a pullback correction downside biased market development.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with larger cut loss and profit target.
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