FCPO closed : 3293, changed : +16 points, volume : lower.
Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : weakening, buyer leaving.
Support : 3270, 3250, 3200, 3150 level.
Resistance : 3300, 3350, 3420, 3450 level.
Comment :
FCPO closed recorded marginal gian with lower volume transacted while soy oil overnight closed little lower and currently trading higher snapping back yesterday loss. Sentiment turned little positive due external factor of higher crude oil and soy oil prices after U.S. Federal Reserve chairman statement triggered a weaker U.S. Dollar but locally higher production and stock level with flat export fundamental factor kept today's gain limited.
Daily chart formed a doji bar candle with long upper shadow positioned below Bollinger band level after market opened and traded higher followed by last hours moderate selling activities pressed price downward and closed near opening price.
Chart wise, market still likely to move side way range bound little downside biased 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.
No comments:
Post a Comment