Bollinger band reading : correction range bound, downside biased.
MACD Histrogram : resumed downward, seller taking changes.
Support : 3300, 3270, 3200, 3150 level.
Resistance : 3350, 3420, 3450, 3470 level.
Comment :
Changed month FCPO closed recorded loss with higher volume participation after overnight soy oil and most grains base commodities closed at or near daily limit down price and currently trading on upward technical rebound.
Daily chart formed an up bar doji bar candle positioned above lower Bollinger band level after market opened gap down, tested lower and recovered upward tested above resistance to closed near the high of the day after soy oil and crude oil started to recover upward after overnight falls.
Technical chart reading suggesting a correction range bound downside biased market development with the correction likely to test higher resistance level.
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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