FCPO closed : 3277, changed : -53 points, volume : lower.
Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : weakening, buyer reducing position.
Support : 3270, 3250, 3200, 3150 level.
Resistance : 3300, 3350, 3420, 3450 level.
Comment :
FCPO closed recorded losses with improving volume participation while soy oil overnight closed little lower and currently trading weaker. Most commodities traded in small price movement as investors avoiding having large position ahead of U.S. Federal Reserve Chairman Ben Bernanke news conference.
Daily chart formed a down bar candle positioned below Bollinger band level after market opened little lower, moved downwards slowly to closed right at the the low of the day.
Chart reading suggesting a side way range bound little downside biased market development possibly testing lower support level with Federal Reserve holding the wild card.
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.
No comments:
Post a Comment