Bollinger band reading : side way range bound little downside biased with possible pullback correction.
MACD Histrogram : fall lower, seller taking position.
Support : 3200, 3150, 3100, 3070 level.
Resistance : 3250, 3270, 3300, 3350 level.
Comment :
FCPO market closed recorded loss for the fifth day with little lower volume changed hand while soy oil overnight closed about the same and currently trading weaker.
Overnight U.S. Department of Agriculture larger projected inventories for soybean, 16 month high palm oil stock level, growing production and not encouraging export data by MPOB added to the negative sentiment of today market.
Daily chart formed a down doji bar candle with longer upper shadow closed outside lower Bollinger band level after market opened lower, tested near resistance level and fall lower to closed near the low of the day.
Chart reading turned to suggesting a side way range bound little downside biased market development with possible pullback correction.
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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