Bollinger band reading : downside biased.
MACD Histrogram : falling, seller in control.
Support : 3300, 3270, 3200, 3150 level.
Resistance : 3350, 3420, 3450, 3470 level.
Comment :
FCPO closed recorded marginal loss with lower volume transacted while soy oil and crude oil are currently trading firmer after overnight closed off the low.
Daily chart formed a down doji bar candle positioned between middle and lower Bollinger band level after market opened gap up, tested higher resistant level and retreated lower to closed near the low of the day.
Chart reading suggesting a downside biased market development resuming downward movement after the recent pullback correction testing lower support level.
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.
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