Bollinger band reading : downside biased.
MACD Histrogram : falling, seller in charge.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed recorded loss for the third day with higher volume exchanged while overnight soy oil closed lower and currently rebounding little higher.
Price hit new 7 month low but managed to recovered small portion of intraday losses ahead of next Monday export data.
Daily chart formed a down doji bar candle with longer lower shadow closed nearer to lower Bollinger band after market opened and tested higher near resistance level and moved side way followed by after lunch session fall tested near support level recovered upwards to closed off the low of the day.
Chart reading still suggesting a further downside biased market development testing support and resistance.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with larger cut loss and profit target.
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