FCPO closed : 2591, changed : +1 points, volume : low.
Bollinger band reading : bearish.
MACD Histrogram : getting lower, seller returned.
Support : 2590, 2570, 2521 level.
Resistant : 2620, 2650, 2670, 2700 level.
Comment :
Despite overnight higher soy oil futures price, FCPO opened and traded higher but the upward movement didn't last long follow by sell down activities pushed price lower test below the 2590 support level but still managed to closed 1 point above it. Hourly chart has turned into bearish outlook and is likely to trade downside biased with possible mild upward correction as price has touched the lower Bollinger band.
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