Bollinger band reading : correction range bound upside biased.
MACD Histrogram : weakenning, buyer reducing exposure.
Support : 3750, 3720, 3700, 3650 level.
Resistance : 3770, 3800, 3830, 3850 level.
Comment :
FCPO surrender all yesterday gain and recorded severe losses with much higher volume changed hand ahead of next Monday export data release while soy oil continue to the fall after yesterday fall due to a strengthening U.S. Dollar.
Daily chart formed a down bar candle and something similar to but no exactly like an evening start pattern formation after market opened gap down and fall all the way to closed near the low of the day heading toward middle Bollinger band support level with the reading suggesting a correction range bound little upside biased market development testing lower support levels.
On the other hand there is a negative divergence appear between price and MACD indicators signaling that the uptrend momentum has turned weak with possible major correction to take place.
When to buy : buy at support or 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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