Bollinger band reading : correction range bound downside biased.
MACD Histrogram : recovering, seller lockin in profit.
Support : 3250, 3200, 3150, 3100 level.
Resistance : 3270, 3300, 3350, 3420 level.
Comment :
FCPO closed recorded loss with higher volume transacted while overnight soy oil closed lower and currently trading in rebounding development. News wise, traders are eying this coming Thursday USDA report that could see a higher soy crop but lower soy bean planting acreage.
Daily chart formed another doji bar candle(up bar) with upper and lower shadow positioned nearer to lower Bollinger band level after market opened gap down, tested lower and recover upward once recorded small gain before last half an hour sell down pressed market to closed near opening price.
Chart reading suggesting a correction range bound downside biased market development testing support and resistance level with MACD Histrogram positive divergence still valid.
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.
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