Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : rising, buyer testing market.
Support : 3050, 3020, 2970, 2930 level.
Resistance : 3070, 3100, 3150, 3200 level.
Comment :
FCPO closed recorded gains with better but relatively low volume participation while overnight soy oil closed little substantially lower and currently rebounding higher while crude oil trading lower.
Price opened and traded through out the day in positive territory as rival soy oil recorded substantial gains for the past 3 days(holidays in Malaysia). Export wise, ITS and SGS reported almost flat exports for the month of August versus July.
Daily chart formed a down doji bar candle with lower shadow closed nearer to upper Bollinger band level after market opened gap up, eased lower and trade side way between 35 points range bound market to closed in the middle of the daily range.
Chart study turned to 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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