Bollinger band reading : correction range bound upside biased.
MACD Histrogram : weakening, buyer taking profit and reducing exposure.
Support : 3200, 3150, 3100 level.
Resistant : 3270, 3300, 3350 level.
Comment :
China unveiled plans to impose food price controls to partly crack down on speculation in agricultural commodities triggered soy oil, crude oil and FCPO to selldown recorded severe losses with higher volume changed hand. Daily chart formed a down bar doji bar candle correcting downward and seems heading towards the middle Bollinger band support level with the reading still call for 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.
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