Bollinger band reading : side way range bound downside biased.
MACD Histrogram : turned lower, seller giving another last try.
Support : 3550, 3500, 3470, 3450 level.
Resistance : 3620, 3650, 3700, 3720 level.
Comment :
FCPO closed recorded severe fall after 5 days of gain with better volume traded as crude oil price and soy oil moving lower after recent climb and news on better soy bean crop prospect.
Daily chart formed a down bar candle resume downward movement after tested middle Bollinger band resistance level after market opened gap down and fall lower to closed near the low of the day.
Technical reading wise, market is likely to trade side way range bound downside biased possibly testing lower support level with MACD indicator unable to do a cross up.
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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