FCPO closed : 3022, changed : +19 points, volume : lower.
Bollinger band reading : correction range bound downside biased.
MACD Histrogram : resume rising, seller closing position.
Support : 3020, 2970, 2930, 2900 level.
Resistance : 3050, 3070, 3100, 3150 level.
Comment :
FCPO closed little higher with quiet volume activities while last Friday soy oil closed little higher and currently trading firmer while crude oil currently rebounding higher.
Higher export data lead FCPO price to trade higher but gains are limited as the export improvement pace slowing down while soy oil traded higher after lower 2011 soybean crop estimates.
Daily chart formed a down doji bar candle positioned nearer to middle Bollinger band level after market opened higher, traded side way within 23 points range bound market towards the end to closed off the low of the day.
Chart reading suggesting a correction range bound downside biased market development testing support and resistance level with MACD indicator crossing 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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