Bollinger band reading : correction range bound, downside biased.
MACD Histrogram : turned upward, seller lock in profit.
Support : 3300, 3270, 3200, 3150 level.
Resistance : 3350, 3420, 3450, 3470 level.
Comment :
Quiet FCPO closed recorded marginal loss with about half of yesterday volume traded after overnight soy oil near the low of the day surrendered all earlier gains and rebounding higher currently.
Daily chart formed a small up doji bar candle positioned above but near lower Bollinger band level after market opened gap down, tested lower and recovered upward once recording gain due to seller profit taking activities and retreated lower to closed off the high of the day.
Chart reading wise, market is likely to trade in correction range bound downside biased movement possibly testing higher resistance level with MACD histrogram forming positive divergence.
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.
No comments:
Post a Comment