FCPO closed : 3107, changed : +29 points, volume : lower.
Bollinger band reading : side way range bound.
MACD Histrogram : resume rising again, buyer in control.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed recorded gain with slightly lower volume transacted while soy oil overnight closed lower and rebounding higher.
Soy oil rebounding higher following a U.S. government report which showed more than expected decline in crop ratings as a result of hot weather. Other factor to watch will be tomorrow export data.
Daily chart formed an up doji bar candle positioned above middle Bollinger band level after market opened higher, tested lower support near middle Bollinger band and surged higher breaking above 3100 support turned support level and eased to close little off the high of the day.
Chart wise, FCPO is likely to trade side way range bound for the near term possibly testing resistance level near upper Bollinger band 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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