FCPO closed : 3236, changed : -46 points, volume : lower.
Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : weakening, buyer leaving as seller testing market.
Support : 3200, 3150, 3100, 3070 level.
Resistance : 3250, 3270, 3300, 3350 level.
Comment :
FCPO closed recorded losses with lower volume changed hand after export data released continue to under perform while soy oil overnight closed lower and currently trading weaker. Negative sentiment accelerated after no sign of improve demand with increasing supply(higher production and stock level) problem remained unsolved.
Daily chart formed a down bar candle closed near lower Bollinger band level after market opened tested little higher and slide downward all the way to closed near the low of the day.
Technical chart reading turned to suggesting a side way range bound little downside biased market development testing lower support level with MACD indicator about to have a negative cross down.
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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