FCPO closed : 3078, changed : -37 points, volume : higher.
Bollinger band reading : correction range bound little downside biased.
MACD Histrogram : turned lower, buyer reducing exposure.
Support : 3070, 3050, 3020, 2970 level.
Resistance : 3100, 3150, 3200, 3250 level.
Comment :
FCPO closed recorded loss with higher volume exchanged while soy oil last Friday closed marginally higher and currently trading lower.
Concern on higher supply and uncertain global economic growth leaded soy oil, crude oil and crude palm oil to trade lower.
Daily chart formed a down bar candle with small upper and lower shadow closed near middle Bollinger band level after market opened little higher, edge upwards slightly and plunged downwards followed by 2nd session traded range bound to closed near the low of the day.
FCPO is likely to trade in a correction range bound little downside biased market development for the near term 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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