FCPO closed : 3036, changed : -32 points, volume : lower.
Bollinger band reading : correction range bound little downside biased.
MACD Histrogram : rising, buyer testing market as seller leaving.
Support : 3020, 2970, 2930, 2900 level.
Resistance : 3050, 3070, 3100, 3150 level.
Comment :
FCPO closed recorded loss with lower volume exchanged while overnight soy oil closed nearly unchanged and currently trading slightly lower while crude oil currently moving little lower.
Soy oil traded directionless after uncertainty over global markets development while FCPO ended lower possibly due to traders prefer to squaring down position to avoid over exposure over the long Hari Raya holidays and market awaits tomorrow export data release.
Daily chart formed a down bar candle with upper shadow closed right at middle Bollinger band level after market opened lower and traded side way within 27 points range bound market and closed near the low of the day.
Chart reading remained suggesting a correction range bound little 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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