Bollinger band reading : upside biased.
MACD Histrogram : getting higher, long live the buyer.
Support : 2900, 2850, 2800 level.
Resistant : 3020, 3050, 3070 level.
Comment :
Friday limit up soy oil futures price after USDA announcement lead FCPO to rallied recorded huge gain and breaking new high in ultra high volume changed hand. Daily chart wise, today up bar candle ended way above upper Bollinger band level hinted a possible pullback correction with the underlying market having strong upside biased reading.
When to buy : buy at support and weakness with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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