FCPO closed : 3348, changed : -66 points, volume : higher.
Bollinger band reading : side way range bound.
MACD Histrogram : weakenning, buyer reducing position.
Support : 3270, 3250, 3200, 3150 level.
Resistance : 3300, 3350, 3420, 3450 level.
Comment :
FCPO closed recorded losses with better volume traded (partially are roll over activities ahead of 15th change month) ahead of tomorrow export data release while soy oil overnight closed nearly unchanged and currenting trading lower. Sentiment wise, increasing production seems still haunting market to move lower.
Daily chart formed a down bar candle closing below middle Bollinger band level after market opened gap down, tested higher above resistance level and slipped lower toward the end followed by last minutes 20 plus points sell down to closed at the low of the day.
Chart reading still suggesting a side way range bound market development possibly testing lower support 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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