Bollinger band reading : pullback correction downside biased.
MACD Histrogram : falling, seller taking position.
Support : 2930, 2900, 2850, 2800 level.
Resistance : 2970, 3020, 3050, 3070 level.
Comment :
FCPO closed recorded small gain with lower volume changed hand while overnight soy oil continue to closed recording loss and currently rebounding higher.
Rebound in regional markets, crude oil, broad commodities market, better export data and higher export plus lower stock and output data triggered FCPO to trade in positive territory today.
Daily chart formed a down doji bar candle closed nearer to lower Bollinger band level after market opened higher, pushed upwards tested higher resistance level and slide lower towards last trading hour before recover upward slightly to closed off the low of the day.
Chart reading suggesting a pullback correction downside biased 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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