Bollinger band reading : side way range bound.
MACD Histrogram : falling, seller taking exposure.
Support : 3650, 3620, 3550 level.
Resistance : 3700, 3720, 3750 level.
Comment :
FCPO dive lower recorded loss for the 4th consecutive day with better volume transacted as worry of weak demand accelerate as seller seems continue to take exposure with buyer leaving ahead to tonight U.S. USDA data. On the other hand news came out about planter seeking to waive CPO windfall profit tax could potentially affect today lower CPO price movement.
Daily chart formed a wide range down bar candle with lower shadow as market opened gap up, plunged lower and recovered slightly to closed off the low below middle Bollinger band level with the reading suggesting a side way range bound market development testing support and resistant level.
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.
No comments:
Post a Comment