FCPO closed : 3029, changed : -11 points, volume : lower.
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 small loss with little lower volume transacted while overnight soy oil closed slightly lower and currently trading weaker.
Rising oversupply fear with lacking demand remained top concern among investors pressure price to head south breaking new 8 month low.
Daily chart formed an up doji bar candle closed near lower Bollinger band level after market opened lower, edge up higher tested resistance level and fall downwards all the day hitting new 8 month low before recovered slightly to closed near opening price.
Chart reading remained suggesting a correction range bound downside biased market development testing support and resistance level.
PS: MACD histrogram recovery must be monitor closely for potential substantial rebound.
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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