FCPO closed : 3119, changed : +19 points, volume : lower.
Bollinger band reading : side way range bound.
MACD Histrogram : weakenning, buyer reducing position.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed recorded gain with lower volume changed hand while overnight soy oil closed recorded loss and currently rebounding little higher.
Price traded little higher of talks on overall drier weather in planting area and near fasting season could lead to slower production however uncertainty over U.S. debt status and global economy kept gain limited.
Daily chart formed an up doji bar candle closed near middle Bollinger band level after market opened and traded little higher, followed by downward movement tested below support level and recovered upwards recording gain before eased little lower to closed near the high of the day.
Chart reading suggesting a side way range bound market development 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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