Bollinger band reading : correction range bound, downside biased.
MACD Histrogram : recovering, seller taking profit.
Support : 3420, 3350, 3300, 3270 level.
Resistance : 3450, 3470, 3500, 3550 level.
Comment :
Rallied FCPO closed recorded huge gains with decreasing volume transacted responding to continue trading firmer crude oil and soy oil prices after overnight closed recorded gains.
Daily chart formed an up bar candle positioned nearer to middle Bollinger band level after market opened gap up, eased little lower and edge up slowly all the way to closed near the high of the day.
Chart reading remained unchanged suggesting a correction range bound downside biased market development with the correction 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