Bollinger band reading : correction range bound upside biased.
MACD Histrogram : turned downward, buyer reducing exposure and taking profit.
Support : 2670, 2650, 2620 level.
Resistant : 2700, 2720, 2750 level.
Comment :
FCPO recorded decline in higher volume participation following a lower soy oil futures price triggered buyer to realise their profit and reducing exposure. Daily chart shows that market opened and continue to test lower support level closing 2 ticks below 2700 phsychological support turned resistant level formed a down bar candle with the reading suggesting correction range bound market after price opened touched above upper Bollinger and during Monday.
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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