FCPO closed : 3072, changed : -37 points, volume : higher.
Bollinger band reading : correction range bound downside biased.
MACD Histrogram : recovering, seller reducing exposure.
Support : 3070, 3050, 3020, 2970 level.
Resistance : 3100, 3150, 3200, 3250 level.
Comment :
FCPO closed recorded loss with better volume changed hand while overnight soy oil closed higher and currently trading firmer.
Over supply fear rise again after export data showing improvement but just insignificant enough to overcome picking up production level. Additional to that tonight USDA report also another factor to monitor closely.
Daily chart formed a down bar candle closed nearer to lower Bollinger band level after market opened higher, traded range bound, followed by last 2 hours plunge fall lower tested below support level and recovered upward slightly to closed above 3070 support level.
Chart reading suggesting a correction range bound downside biased market development testing support and resistance level with today's candle formed a bearish engulfing pattern.
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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