FCPO closed : 2948, changed : +43 points, volume : lower.
Bollinger band reading : pullback correction little downside biased.
MACD Histrogram : falling lower, seller in control.
Support : 2920, 2900, 2850, 2800 level.
Resistance : 2950, 2970, 3020, 3050 level.
Comment :
FCPO closed recorded gains with lesser volume changed hand. Overnight soy oil ended little lower and currently rebounding higher while crude oil also recovering higher after recent falls.
Recovering global equity market plus oversold broad commodities prices lead traders to cover short position locking in partial profit pushed price to soar higher. News wise, Reuters average survey shows that India's 2011/12 edible oil imports seen rising up 5.2% to 8.84 million tonnes as slow production supply failed to meet rising demand.
Daily chart formed an up doji bar candle with long lower shadow closed little above lower Bollinger band level after market opened higher, edge little upwards and slide down lower tested support level followed by after lunch session soaring higher tested resistance level and closed near the high of the day.
Technical reading revised to suggesting a pullback correction 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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