FCPO closed : 3268, changed : +15 points, volume : lower.
Bollinger band reading : pullback correction little downside biased.
MACD Histrogram : turned upward, seller reducing exposure.
Support : 3250, 3200, 3150, 3100 level.
Resistance : 3270, 3300, 3350, 3420 level.
Comment :
FCPO market closed recorded small gain with decreasing volume participation while overnight soy oil closed slightly higher and currently trading firmer.
Market traded higher after both ITS and SGS cargo surveyor reported higher export data for the period of 1~15 Jun. However rising stock concern limiting today's gain.
Daily chart formed a small up doji bar candle closed above lower Bollinger band level after market opened slightly higher, tested lower below support level and move upwards surging above resistance level before easing down to closed off the high of the day.
Market still likely to trade correction range bound little downside biased testing support and resistance level based on technical chart reading.
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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