Bollinger band reading : correction range bound downside biased.
MACD Histrogram : turned downward, seller taking chances.
Support : 2970, 2930, 2900, 2850 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded loss with lower volume transacted while overnight soy oil closed lower and currently trading weaker while crude oil currently recording huge losses.
Turmoil over global equity markets lead FCPO and broad commodities to trade lower but however anticipation of higher export release next Monday could have kept loss limited.
Daily chart formed a doji bar candle positioned between middle and lower Bollinger band level after market opened lower, moved upward tested above resistance level and fall lower tested below support level and traded range bound towards to end to closed at opening price.
Technical study resumed to suggesting a downside biased market development testing lower support.
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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