Bollinger band reading : correction range bound downside biased.
MACD Histrogram : recovering, seller taking profit.
Support : 3550, 3500, 3470, 3450 level.
Resistance : 3620, 3650, 3700 level.
Comment :
FCPO closed edge up slightly with lower volume participation while soy oil and crude oil price traded wild swing after unconfirmed news of Libya condition easing.
Daily chart formed a down doji bar candle moving toward middle Bollinger band level after market opened gap up, tested higher resistance followed by news of Libya easing condition in the afternoon session triggered panic selling plunge down lower and recovered upward.
The reading remained suggesting a correction range bound downside biased 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.
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