Bollinger band reading : correction range bound upside biased.
MACD Histrogram : weakenning, buyer reducing exposure.
Support : 3850, 3830, 3800, 3770 level.
Resistance : 3870, 3920, 4000 level.
Comment :
Overnight rally on soy oil and crude oil futures price plus flood factor triggered FCPO to rebound higher recorded gain after yesterday severe fall with slightly lower volume traded after market opened gap up and tested higher follow by profit taking activities pressed price to closed off the high.
Daily chart formed a doji down bar candle position near upper Bollinger band resistant level with the reading suggesting a correction range bound upside biased market development.
When to buy : buy at support or 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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