FCPO closed : 3018, changed : -32 points, volume : lower.
MACD Histrogram : rising, buyer testing market.
Support : 2970, 2930, 2900, 2850 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded loss with quiet volume transacted while last Friday soy oil closed slightly higher and closed for today due to Labour day holidays while crude oil trading lower.
Fear of smaller soybean crop lead soy oil to move higher but however gain was limited after dissapointing jobless data reported lead financial market and crude oil to head south.
Daily chart formed a down doji bar candle closed near middle Bollinger band level after market opened little lower, edge upwards tested above resistance level and slide lower tested below support level before recovered slightly to clos near the low of the day.
Technical reading still suggesting a side way 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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