Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : falling lower, seller taking exposure.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded small loss with rising volume transacted. Overnight soy oil ended severely lower and currently trading weaker(once recording huge losses) while crude oil rebounding higher.
Broad commodities including soy oil witnessed heavy sell down activities once recording huge losses of about 4 to 5% during the FCPO lunch break session and currently recovering partial of the intraday losses. Back home, FCPO closed little lower despite the broad commodities sell down ahead of Monday export data.
Daily chart formed an up bar candle closed little above lower Bollinger band after market opened gap down below lower Bollinger band level, recover higher followed by after lunch session gap down and recover upwards again to closed near the high of the day.
Chart reading suggesting a side way range bound little downside biased market development testing support and resistance level with MACD indicator having negative cross down.
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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