FCPO closed : 3034, changed : -39 points, volume : higher.
Bollinger band reading : correction range bound downside biased.
MACD Histrogram : rising higher, seller reducing position as buyer testing market.
Support : 3020, 2970, 2930, 2900 level.
Resistance : 3050, 3070, 3100, 3150 level.
Comment :
FCPO closed recorded loss with improved volume changed hand while overnight soy oil closed slightly lower and currently trading weaker.
News wise, Reuters reported that India to keep high buying interest for vegetable oil in the month of July ahead of festival season. Reuters survey also reported India's June vegetable imports seen up 28% to 847,500 tonnes, palm oil imports seen up 29% and soy oil imports seen up 0.2% vs May. Market also awaits tonight USDA report with the anticipation of bearish crop soybean crop data.
Daily chart formed a down bar candle closed away from middle Bollinger band level after market opened lower and traded lower within 27 points tight range bound market followed by last half an hour selling activities pressed price to closed near the low of the day.
Technical reading remained suggesting a correction range bound downside biased market development possibly testing lower support 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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