Bollinger band reading : downside biased with possible pullback.
MACD Histrogram : falling, seller building position.
Support : 3300, 3270, 3200, 3150 level.
Resistance : 3350, 3420, 3450, 3470 level.
Comment :
FCPO closed recorded small loss with increasing volume traded ahead of tomorrow ITS & SGS export data while crude oil and soy oil continue to trade lower in unison with most commodities weaker prices.
Daily chart formed a doji bar candle with longer lower shadow positioned right at lower Bollinger band level after market opened gap down, tested higher and sell down lower breaking below 3300 level followed by profit taking activities lifted price upwards to closed at the opened price.
Technical reading suggesting a downside biased market development with possible pullback correction.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant/breakdown with larger cut loss and profit target.
No comments:
Post a Comment