Bollinger band reading : correction range bound little downside biased.
MACD Histrogram : rising, buyer testing market as seller leaving.
Support : 3050, 3020, 2970, 2930 level.
Resistance : 3070, 3100, 3150, 3200 level.
Comment :
FCPO ended recorded gains with better volume transaction while overnight soy oil closed higher and currently trading firmer while crude oil currently surging higher.
Higher soy oil price due to worries of lower crop due to rains missed over soybean planting area, China rising commodities imports on restocking for holidays festival and better global equity market lead FCPO price to trade higher.
Daily chart formed an up bar candle closed above middle Bollinger band level after market opened higher and edge upward towards the end to closed near the high of the day.
Technical reading turned to suggesting a correction range bound little downside biased market development possibly testing higher 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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