Bollinger band reading : correction range bound downside biased.
MACD Histrogram : recovering, seller lock in in profit.
Support : 3300, 3270, 3250, 3200 level.
Resistance : 3350, 3420, 3450, 3470 level.
Comment :
FCPO closed recorded gains with higher volume participation as market anticipating a better export ahead of tomorrow ITS and SGS export data release while soy oil trading firmer after overnight closed higher could be due to firm soy meal export demand.
Daily chart formed a up doji bar candle with small upper and lower shadow positioned nearer to middle Bollinger band level after market opened gap up, taking few down steps and surged upward slowly and eased little lower to closed near the high of the day.
Chart reading continue to suggest a correction range bound downside biased market development possibly testing higher resistance level near plotted downward trend line or middle Bollinger band 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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