Bollinger band reading : correction range bound upside biased.
MACD Histrogram : weakening, buyer reducing exposure.
Support : 3420, 3350, 3300, 3270 level.
Resistance : 3450, 3470, 3500, 3550 level.
Comment :
FCPO closed recorded small gain with increasing volume exchanged while soy oil overnight closed higher and currently trading higher.
Fear of higher stock level after export data for the month of May showing only small improvement seems capping market price from staying higher.
Daily chart formed an up doji bar candle with long upper shadow positioned between middle and upper Bollinger band after market opened gap up, surge higher tested above resistance level followed by profit taking activities pressed price downwards all the way to closed near opening price ahead of the weekend.
Technical chart reading remained suggesting a correction range bound upside 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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