Bollinger band reading : correction pullback little downside biased.
MACD Histrogram : fall lower, seller in control.
Support : 3250, 3200, 3150, 3100 level.
Resistance : 3270, 3300, 3350, 3420 level.
Comment :
FCPO market closed recorded small gain having pullback correction after continuing 5 days drop with getting slower volume participation while soy oil last Friday closed lower and currently having technical rebound.
Traders decided to lock in profit after recent severe fall of of more than 200 points lifted price to closed little higher.
Daily chart formed an up doji bar candle with longer lower shadow closed right at lower Bollinger band level after market opened lower, edge up slightly and fall lower tested support level before profit taking activities kicked in lifted price upwards to closed near the high of the day.
Technical reading suggesting a correction pullback little downside biased market development possibly testing higher 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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