Bollinger band reading : pullback correction downside biased.
MACD Histrogram : recovering, seller taking profit.
Support : 2970, 2930, 2900, 2850, 2800 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded small gain with shrinking volume changed hand while overnight soy oil closed substantially higher and currently trading firmer.
Overnight lower crop and better demand estimates for soy bean from USDA report, China higher August 2011 soy bean import expected from The China National Grain and Oils Information Centre and survey on higher India vegetable import for the month of August lead FCPO price to trade in positive territory through out the day.
Daily chart formed a down doji bar candle position in the middle between lower and middle Bollinger band level after market opened gap up and slide little lower traded side ways within 26 point range bound market towards the end to closed near the low of the day.
Technical reading still 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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