FCPO closed : 2985, changed : -33 points, volume : higher.
Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : weakening, buyer and seller battling.
Support : 2970, 2930, 2900, 2850 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded loss with improved volume participation while overnight off for Labor day and currently trading lower while crude oil continue to dive deeper.
Concern over slower demand due to weakening and uncertain global economy development lead most commodities price to trade lower except for gold.
Daily chart formed a down doji bar candle closed below middle Bollinger band level after market opened gap down, dipping lower tested near support level before recovering upward closing the down gap and eased downward to closed near the low of the day.
Chart reading remained 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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