Bollinger band reading : downside biased.
MACD Histrogram : resume downward, seller still in control.
Support : 3150, 3100, 3070, 3050 level.
Resistance : 3200, 3250, 3270, 3300 level.
Comment :
FCPO market closed substantially lower recorded loss with higher volume transacted while overnight soy oil closed little higher and currently registering severe fall.
Most commodities trading lower after U.S. dollar turned stronger with news on China decided to extend price control on cooking oil prices until 15 Aug to keep price stable and control inflation.
Daily chart formed a wide range down bar candle closed little below lower Bollinger band level after market opened lower, edge up slightly and plunged all the ways triggering long covering activities to closed at the low of the day.
Chart reading suggesting a downside biased market development testing lower support level with possible pullback correction should selling activities get over extended.
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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