Bollinger band reading : downside biased.
MACD Histrogram : falling, seller in control.
Support : 3270, 3200, 3150, 3100 level.
Resistance : 3300, 3350, 3420, 3450 level.
Comment :
FCPO closed recorded small loss with lower volume changed hand after export data released by ITS and SGS showing improvement but nevertheless little lower compare to same period on previous month while soy oil traded range bound after overnight closed higher.
Daily chart formed a down doji bar candle with upper and lower shadow positioned nearer to lower Bollinger band level after market opened gap up, tested higher and fall lower recording loss before recover upward salvaging partial of the losses to closed off the low of the day.
Chart reading still suggesting a downside biased market development testing lower support near lower Bollinger band level but pullback could still happen as today marked the 5th down bar candle with the last 2 doji bars having lower shadow.
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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