Bollinger band reading : downside biased with possible pullback correction.
MACD Histogram : recovering, buyer seller battling.
Support : 2840, 2800, 2770, 2750 level.
Resistance : 2880, 2900, 2920, 2950 level.
Comment :
FCPO closed lower again with declined volume transacted. Soy oil currently trading weaker after overnight closed lower while crude oil price currently trading higher.
Price traded lower following overnight news on U.S. Midwest rains sent grains related commodities lower. However, losses are limited as huge discount compare to rival soy oil may attract demand while trade awaits tomorrow exports data.
Daily chart reading adjusted to suggesting a downside biased development with possible pullback correction due to huge discount compare to soy oil factor and today hammer like candle plus market didn't close below 2840 support level before.
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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