Bollinger band reading : correction range bound downside biased.
MACD Histrogram : rising higher, buyer taking small exposure.
Support : 3350, 3300, 3270, 3250, 3200 level.
Resistance : 3420, 3450, 3470, 3500 level.
Comment :
FCPO closed recorded small gain with decreasing volume transacted while overnight soy oil price rallied higher after USDA report projected a lower soy bean crop with crude oil prices continue to seek higher ground.
Daily chart formed another doji bar candle with lower shadow positioned at middle Bollinger band level after market opened gap up, slide lower and recovered upward to closed near the high of the day.
Technical reading still suggesting a correction range bound downside biased market development facing immediate resistance near middle Bollinger band and market could still break and test above this resistance level or else market is likely to resume downward movement.
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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