Bollinger band reading : downside biased with possible pullback correction.
MACD Histrogram : falling lower, seller in control.
Support : 2900, 2850, 2800, 2770 level.
Resistance : 2920, 2950, 2970, 3020 level.
Comment :
FCPO closed recorded loss with better volume transacted. Overnight soy oil ended higher and currently trading little higher(mostly in negative from morning session) while crude oil currenty heading south.
Lower soy oil and crude oil pressure FCPO price to trade in negative territory throught out the day.
Daily chart formed a down doji bar candle with long lower shadow closed below lower Bollinger band level after market opened lower (near the high of the day) and moved side ways within 39 points range bound market through out the day.
Chart reading suggesting a downside biased market development with possbile pullback correction 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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