Bollinger band reading : correction range bound upside biased.
MACD Histrogram : turned downward, buyer taking profit.
Support : 3350, 3300, 3270 level.
Resistant : 3420, 3450, 3470, 3500 level.
Comment :
Sell off in world major commodities including soy oil and crude oil as US Dollar continue to rebound higher lead FCPO opened and traded lower with panic selling triggered market to recorded drop of 127 points but manage to recovered upward to recorded moderate losses today with lesser volume transacted. At the same time China Dalian exchange crude palm oil and soy oil also recorded limit down. Daily chart formed a hanging man doji bar candle again(now is hanging man + shooting star + hanging man) having pullback correction with the reading suggesting a correction range bound upside biased market development testing support and resistant level.
When to buy : buy at support and weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
2 comments:
Is the uptrend still intact? Probably on daily, but intraday seems to be correcting to the 200 ema.
To early to say trend has reversed but anticipating a substantial correction to take place. Project correction to test support @ 3200, 3150 and 3100.
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