FCPO closed : 3198, changed : +5 points, volume : higher.
Bollinger band reading : downside biased with possible pullback correction.
MACD Histrogram : fall lower, seller still in control.
Support : 3150, 3100, 3070, 3050 level.
Resistance : 3200, 3250, 3270, 3300 level.
Comment :
FCPO market closed recorded marginal gain with much better volume participation while overnight soy oil closed recorded loss and currently trading weaker.
Fear of growing inventory above 2 million tonnes market triggered market to fall lower hitting 5 week low level before recovered upward as traders decided to reduce position ahead of the weekend and next Tuesday World Oilseed Conference in Turkey event.
Daily chart formed a down doji bar hammer candle (a possible reversal candle signal but confirmation needed) closed little above lower Bollinger band level after market opened higher, slide downward slowly followed by second session sell down activities touched lower Bolllinger band and recovered upward salvaged all intraday loss to closed recorded small gain.
Technical reading suggesting a downside biased market development with possible pullback correction 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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