FCPO closed : 3096, changed : -20 points, volume : higher.
Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : weakening, buyer reducing position.
Support : 3070, 3050, 3020, 2970 level.
Resistance : 3100, 3150, 3200, 3250 level.
Comment :
FCPO closed recorded loss with increasing volume transacted while overnight soy oil closed recorded substantial losses and currently trading little higher.
Looming U.S. debt limit problem and anticipation of higher stock plus slower export lead FCPO price to test lower and closed below 3100 support level.
Daily chart formed another doji bar candle (6 consecutive) clear below middle Bollinger band level after market opened lower, traded side way within 34 points range bound market and closed near opening price.
Chart reading still suggesting a side way range bound little upside biased market development testing support and resistance level unless weather condition become clearer or demand improved substantially.
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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