FCPO closed : 3040, changed : -10 points, volume : higher.
Bollinger band reading : correction range bound downside biased.
MACD Histrogram : recovering, seller reducing exposure.
Support : 3020, 2970, 2930, 2900 level.
Resistance : 3050, 3070, 3100, 3150 level.
Comment :
FCPO closed recorded marginal loss with higher volume participation while overnight soy oil closed for holidays and currently trading little higher.
Reuters survey released shows that market anticipating Jun 2011 to register higher export, stock and production level lead price to trade in negative territory.
Daily chart formed a down doji bar candle with long lower shadow closed near lower Bollinger band level after market opened slightly higher, edge few ticks upwards and fall downward tested near support level and closed off the low of the day recovered partial of the intraday loss.
Chart wise, market reading suggesting a correction range bound 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 quick cut loss and profit target.
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