Bollinger band reading : downside biased with possible pullback correction.
MACD Histrogram : turned upward, seller take profit.
Support : 3150, 3100, 3070, 3050 level.
Resistance : 3200, 3250, 3270, 3300 level.
Comment :
32 points range FCPO closed recorded small loss with slower volume changed hand while overnight last Friday closed recorded soy oil closed recorded loss and currently rebounding little higher.
Export reported for the period of 1~20 Jun 2011 showing sustaining demand however rising production level seems outpaced export thus leading price litter lower today while World Oilseed Conference starts today in Turkey.
Daily chart formed a down doji bar candle with longer upper shadow positioned little higher from lower Bollinger band level after market opened higher, traded range bound and closed near the low of the day.
Chart reading remained 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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