Bollinger band reading : upside biased with possible pullback correction.
MACD Histrogram : rising, buyer in charge.
Support : 3420, 3350, 3300, 3270, 3250 level.
Resistance : 3450, 3470, 3500, 3550 level.
Comment :
FCPO closed unchanged with slower volume changed hand while soy oil overnight closed higher and currently trading firmer.
Daily chart formed a down doji bar candle closed near upper Bollinger band level after market opened and test little higher, swing downwards touched yesterday closing price area followed by the up swing tested day high near resistance level before sell down lower recording small loss and recovered slightly to closed unchanged.
Chart reading suggesting a upside biased market development with possible pullback correction testing support and resistance level.
When to buy : buy at support or weakness with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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