Bollinger band reading : correction range bound upside biased.
MACD Histrogram : weakening, buyer taking profit.
Support : 3350, 3300, 3270, 3250 level.
Resistance : 3420, 3450, 3470, 3500 level.
Comment :
FCPO closed recorded gains with improved volume transacted while soy oil overnight closed recorded small loss and currently trading higher testing resistance level.
Daily chart formed an up bar bar candle with small lower shadow positioned near middle Bollinger band level after market opened 1 tick higher, tested lower support level and marching higher towards the end to closed near the high of the day.
Chart reading suggesting a correction range bound upside biased market development possibly resumed testing higher 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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