FCPO closed : 3019, changed : -52 points, volume : higher.
Bollinger band reading : side way range bound.
MACD Histrogram : turned lower, buyer seller battling.
Support : 2970, 2950, 2930, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded substantial loss with better volume participation while overnight soy oil ended severely lower and currently trading weaker while crude oil currently rebounding higher.
Soy oil price recorded huge losses after unexpected higher soybean production and higher soy oil stock level due to sluggish demand forecast from USDA report.
Daily chart formed a down bar candle closed below middle Bollinger band level after market opened gap down, traded side ways sliding downward slowly to closed near the low of the day.
Technical reading turned to suggesting a side way range bound 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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