Bollinger band reading : bearish.
MACD Histrogram : recovering, seller lock in profit.
Support : 2400, 2370, 2330 level.
Resistant : 2440, 2470, 2500 level.
Comment :
FCPO recovered some of the yesterday losses with low volume transacted in tandem with better soy oil futures price. Hourly chart still recording bearish reading with price stayed below the middle Bollinger band and the band width expanding. Despite MACD Histrogram recovering, it is still below the zero line level suggesting that the underlying of the market remained weak in the near term. Expecting market to trade side way range bound downside biased.
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