Bollinger band reading : pullback correction little upside biased.
MACD Histrogram : rising, buyer in control.
Support : 3350, 3300, 3270, 3250 level.
Resistance : 3420, 3450, 3470, 3500 level.
Comment :
FCPO closed recorded loss with increasing volume changed hand doing downward pullback correction while soy oil last Friday closed unchanged and currently trading lower influence by lower crude oil that down more than 2.5%.
European debts worries hit market sentiment resulting most commodities price to trade lower after weaker Euro against stronger U.S Dollar.
Daily chart formed a wide range down bar candle corrected downward to closed below upper Bollinger band level after market opened little higher, fall lower partially due to profit taking activities and closed near the low of the day.
Technical wise, market is currently having pullback correction within little upside biased 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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