Bollinger band reading : pullback correction downside biased.
MACD Histrogram : turned upward, seller lock in profit.
Support : 3350, 3300, 3270, 3200 level.
Resistance : 3420, 3450, 3470, 3500 level.
Comment :
170 points range FCPO closed recorded gain with lower volume changed hand after ITS & SGS released lower but improved export data triggered seller to lock in profit while crude oil and soy oil still traded weaker.
Daily chart formed an up bar candle with small upper shadow closed above lower Bollinger band level after market opened gap down substantially and recovered upward to closed record gain forming a bullish engulfing candle stick formation and a possible MACD histrogram positive divergence.
Chart reading suggesting a downside biased market development with pullback correction taking place and the correction is likely to test higher resistance level possibly near middle Bollingner band level after last few days of severe falls.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant with larger cut loss and profit target.
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