Bollinger band reading : correction range bound downside biased.
MACD Histrogram : weakenning, buyer and seller battling.
Support : 2970, 2930, 2900, 2850 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded small loss with lower volume changed hand while overnight soy oil closed little lower and currently trading weaker while crude oil trading lower.
Changes in Indonesia crude palm oil export tax structure resulted FCPO price to weight lower as cost of importing reduced.
Daily chart formed a down doji bar candle with long lower shadow closed between middle and lower Bollinger band level after market opened 1 tick lower, edge up few ticks and fall lower tested below support level and recovered part of the intraday losses to closed off the low of the day.
Chart study suggesting a correction range bound 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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