FCPO closed : 3109, changed : +46 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histrogram : recovering, seller taking profit.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
Technical rebound FCPO closed recorded gain with decreasing volume traded while overnight soy oil closed higher and currently continue to rebound higher.
Possible improve demand ahead of tomorrow export data release triggered seller to lock profit and avoiding over exposure. Another factor to watch will be
Daily chart formed an up doji bar candle closed above and away from lower Bollinger band level after market opened gap up, traded range bound tested higher resistance within 28 points range market and closed near the high of the day above resistance turned support level.
Market are currently having pullback correction within a downside biased market development 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 larger cut loss and profit target.
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