Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : weakening, buyer reducing position.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed recorded small gain with slower volume transacted while overnight soy oil closed higher and currently trading little higher.
Weaker U.S. Dollar, disappointing soy crop data and heating up weather over palm oil estate factor provide support to FCPO price to trade little higher.
Daily chart formed a small doji bar candle position in between middle and upper Bollinger band level after market opened little higher and traded side way within tight 16 point range bound market to closed near opening price.
Technical study suggesting market is likely to trade side way range bound little upside biased 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.
No comments:
Post a Comment