Bollinger band reading : correction range bound upside biased.
MACD Histrogram : turned downward again, buyer taking profit.
Support : 3650, 3620, 3550 level.
Resistant : 3700, 3720, 3750 level.
Comment :
Hit 33 month high FCPO closed recorded losses with decreasing volume changed hand ahead of tomorrow export data release in tandem with soy oil futures prices that correcting downward after hitting new high.
Daily chart formed a down doji bar candle after market opened and tested new high triggered buyer to start their profit taking program pressed price down all the way to closed near the low of the day with the reading suggesting a correction range bound upside biased market development.
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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