FCPO closed : 3026, changed : -7 points, volume : higher.
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 lower with little higher volume particiaption while overnight soy oil ended substantially higher and currently trading lower while crude oil trading lower.
FCPO price ended little lower in tandem with weaker broad commodities price after global markets traded mostly lower as concern over world economy growth.
Daily chart formed a down doji bar candle closed near middle Bollinger band level after market opened higher, traded range bound between gain and losses followed by last hour selling activities presssure price lower before recovered upward to closed off the low of the day.
Chart reading still suggesting a correction range bound downside biased market development testing support and resistance level with MACD indicator about to have positive cross up.
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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