Bollinger band reading : side way range bound upside biased.
MACD Histrogram : weakening, buyer reducing exposure.
Support : 2670, 2650, 2620 level.
Resistant : 2700, 2720, 2750 level.
Comment :
2 ticks lower FCPO traded in quiet volume transaction despite a break new high soy oil futures prices hinted that there is no follow through by buyer that seems reluctant push the price higher. Daily chart formed the third consecutive down bar candle with the Bollinger band turning inwards indicate that the market still having a correction range bound upside biased market reading.On the other hand, there is a potential negative divergence forming between price and the MACD Histrogram.
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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