Bollinger band reading : correction range bound upside biased.
MACD Histrogram : weakening, buyer reducing exposure.
Support : 3350, 3300, 3270, 3250 level.
Resistance : 3420, 3450, 3470, 3500 level.
Comment :
FCPO closed recorded loss with lower volume participation while soy oil last Friday closed softer and currently trading downwards registering loss.
Reuters latest survey shows that market anticipation a lower export, higher output and stock level in fact market in expecting a 16 month highs stock level triggered more selling activities today reducing exposure.
Daily chart formed a down bar candle with upper shadow positioned nearer to middle Bollinger band after market opened 1 tick lower, testing higher resistance before slide downwards all the way to closed near the low of the day.
Chart reading wise, market is likely to trade correction range bound upside biased market for the near term 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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