Bollinger band reading : side way range bound.
MACD Histrogram : turned downward, buyer reducing position.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed recorded loss with higher volume transacted while soy oil last Friday closed little higher and currently registering loss.
Concern over possible U.S. debt default and both cargo surveyors reported improved but slowing down export data lead market to trade in negative zone through out the day.
Daily chart formed a down doji bar candle closed nearer to middle Bollinger band level after market opened lower, continue to moved downward towards the end of 1st session followed by 2nd half range bound movement recovered portion of the intraday losses.
Chart reading suggesting a side way range bound market development testing support and resistance level with the immediate term of negative sentiment.
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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