Bollinger band reading : downside biased with possible pullback correction.
MACD Histrogram : getting lower, seller in rules.
Support : 3450, 3420, 3350, 3300 level.
Resistance : 3470, 3500, 3550, 3620 level.
Comment :
Historical high volume FCPO closed recorded loss with ultra higher volume participation ahead of tomorrow export data as market anticipating a weaker export and improved weather lead to higher palm oil production while soy oil price continue to trade weaker after overnight rebound.
Market opened gap up tested higher resistance level and dive deep once recorded down 5%(356 points) followed by seller profit taking activities pushed price up to recovered two third of the losses to closed recorded less significant loss.
Daily chart formed an down doji bar candle with long lower shadow closed below lower Bollinger band level with the reading suggesting a downside biased development with possible temporary pullback correction.
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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