Bollinger band reading : upside biased with possible correction.
MACD Histrogram : getting higher, buyer in control.
Support : 2720, 2700, 2670 level.
Resistant : 2750, 2770, 2800 level.
Comment :
Rallied higher soy oil futures price, concern on uncertain weather plus an announce improved export data lead FCPO to traded higher in moderate volume changed hand. Hourly chart wise, price opened gap up higher and traded side way range bound due to some profit taking activities and seems facing heavy resistant challenge near the 2750 level. Outlook wise, market is likely to trade upside biased with possible downward pullback correction as price stay above upper Bollinger band for sometimes now.
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