Bollinger band reading : correction range bound little downside biased.
MACD Histrogram : rising higher, buyer increasing exposure.
Support : 3350, 3300, 3270, 3250, 3200 level.
Resistance : 3420, 3450, 3470, 3500 level.
Comment :
FCPO closed recorded small gain with increasing volume traded while soy oil price trading higher after overnight closed little lower.
Daily chart formed a doji bar candle still staying between upper and middle Bollinger band with the bandwidth narrowing after market opened gap little higher, dropped tested lower and surged upward recorded gain before retreated lower to closed at opening price.
Technical reading suggesting a correction range bound little downside biased market development testing support and resistance level.
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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