FCPO closed : 3178, changed : -43 points, volume : higher.
Bollinger band reading : correction range bound downside biased.
MACD Histrogram : recovering, seller take profit.
Support : 3150, 3100, 3070, 3050 level.
Resistance : 3200, 3250, 3270, 3300 level.
Comment :
FCPO closed recorded loss with better volume changed hand while overnight soy oil closed higher and currently trading registering loss.
Rising output level plus worry of flattening demand factor kept market to trade in lower ground erasing a earlier gain.
Daily chart formed a down bar candle closed little nearer to lower Bollinger band after market opened 1 tick above yesterday closed, testing higher level and moved downwards all the way to closed at the low of the day.
Chart reading shows that market is trading within a correction range bound downside biased phase 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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