Bollinger band reading : pullback correction range bound upside biased.
MACD Histrogram : getting higher, buyer taking small exposure.
Support : 3850, 3820, 3800 level.
Resistance : 3900, 3920, 3950 level.
Comment :
FCPO eased lower in earlier trade but managed to closed recorded small gain with better volume transacted as flood condition in producing states started to improve while soy oil traded higher after overnight lower soy oil price closing. Market opened gap down and tested near support level followed by news on market survey showing a 6 month low stock level pushed price to recovered to closed near the high of the day.
Daily chart formed an up bar candle with lower shadow positioned near upper Bollinger band level with the bandwidth turning outwards. Reading wise, market is having pullback correction range bound upside biased market development.
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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