Bollinger band reading : pullback correction upside biased.
MACD Histrogram : weakening, buyer taking profit.
Support : 3350, 3300, 3270, 3250 level.
Resistance : 3420, 3450, 3470, 3500 level.
Comment :
FCPO closed recorded small loss with better volume participation after both ITS and SGS cargo surveyor reported better but slowing export data while soy oil overnight closed unchanged and currently trading little softer.
Daily chart formed a down doji bar candle with longer upper shadow closed in between upper and middle Bollinger band level after market opened unchanged, tested higher and fall lower to close near the low of the day.
Chart reading shows that market is having pullback correction within an upside biased market development 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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