Bollinger band reading : correction range bound downside biased.
MACD Histrogram : turned lower, buyer taking profit.
Support : 3300, 3270, 3250, 3200 level.
Resistance : 3350, 3420, 3450, 3470 level.
Comment :
FCPO closed recorded loss with increasing volume transacted after news on Reuters survey showing higher production and stock level with just tiny improvement on export while soy oil price trading little higher after overnight closed recorded small loss.
Daily chart formed a down bar candle closing below middle Bollinger band with the bandwidth continue to narrowing after market opened gap down little lower, taking few upward steps and slide downward traded range bound and closed near the low of the day.
Chart reading call for a correction range bound downside biased market development possibly testing lower support level near lower Bollinger band.
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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