Bollinger band reading : side way range bound.
MACD Histrogram : getting lower, buyer still taking profit.
Support : 2400, 2370, 2350 level.
Resistant : 2450, 2470, 2500 level.
Comment :
Overnight soy oil and crude oil futures price gained backed FCPO to ended the first session little higher recovering partial of yesterday drop in moderate volume changed hand. Looking at the hourly chart, market opened higher and tested resistant level but instantly encounter selling pressure due to profit taking activities pushed price to go downward off the high. Reading wise, market is likely to trade side way range bound in the near term.
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