Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : weakening, buyer closing position.
Support : 3250, 3200, 3150, 3100 level.
Resistance : 3270, 3300, 3350, 3420 level.
Comment :
FCPO closed recorded small loss with better volume participation ahead of next Tuesday export data while soy oil overnight closed substantially lower and currently rebounding little higher salvaging yesterday losses partially. News wise, Reuters reported that China buyers have cancelled 1 to 2 soy oil cargoes from Brazil due to sluggish domestic demand and soybean stock level remained high.
Daily chart formed a up bar candle positioned nearer to lower Bollinger band level after gap down, traded little lower and recovered upwards to closed near the high of the day.
Technical reading remained suggesting a side way range bound little downside biased market development 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.
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