Bollinger band reading : correction range bound downside biased.
MACD Histrogram : recovering, seller reducing exposure.
Support : 3020, 2970, 2930, 2900 level.
Resistance : 3050, 3070, 3100, 3150 level.
Comment :
FCPO closed recorded gain with slower volume transacted while overnight soy oil ended little higher and currently trading firmer in unison with higher crude oil price.
Traders bet on below 2 million tonnes stock level after sign of improving export and anticipation of lower production level during fasting month pushed price higher.
Daily chart formed an up doji bar candle closed nearer to middle Bollinger band level after market opened higher, slide lower near yesterday closing price level and rebounded to surge higher towards the end to closed near the high of the day.
Chart reading remained suggesting a correction range bound 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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