Bollinger band reading : correction range bound downside biased.
MACD Histrogram : recovering, seller taking profit.
Support : 3470, 3450, 3420, 3350 level.
Resistance : 3500, 3550, 3620 level.
Comment :
FCPO closed recorded loss with decreasing volume transacted as export data for the month of Feb 2011 released recorded decline while soy oil traded lower after last Friday closed recovered significant higher.
Daily chart formed wide range down bar candle with small upper and lower shadow closed near lower Bollinger band level after market opened gap up tested higher resistance level and dive lower tested lower support level and recover upward slightly as seller profit taking still taking place.
Reading wise suggesting a correction range bound downside biased market development testing support and resistance 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.
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