FCPO closed : 3035, changed : -37 points, volume : higher.
Bollinger band reading : downside biased.
MACD Histrogram : recovering, seller reducing exposure.
Support : 3020, 2970, 2930, 2900 level.
Resistance : 3050, 3070, 3100, 3150 level.
Comment :
FCPO closed recorded loss with higher volume transacted while overnight soy oil closed lower and currently trading little higher.
Overnight USDA report showing higher than estimates acreage and stocks resulted most grains related commodities to move south including soy oil.
Daily chart formed a down doji bar candle with long upper shadow closed nearer to lower Bollinger band level after market opened gap down, recover higher tested near support turned resistance level followed by late afternoon sell down and closed near the low of the day.
Chart reading resume calling a downside biased market development after recent correction possibly testing lower support level but recovering MACD histrogram must be monitor closely.
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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