FCPO closed : 2810, changed : -35 points, volume : higher.
Bollinger band reading : downside biased with possible pullback correction.
MACD Histrogram : falling, seller in control.
Support : 2800, 2770, 2750, 2720 level.
Resistance : 2850, 2900, 2920, 2950 level.
Comment :
FCPO closed recorded loss with rising volume participation while overnight soy oil ended lower and currently weaker. Meanwhile, crude oil continue to trade weaker.
Increased stockpiles for corn and wheat Sep 2011 USDA data and slowing down demand due to gloomy global economy development resulted broad commodities including soy oil and crude palm oil to fell lower.
Daily chart formed a down bar candle closed below lower Bollinger band level after market opened higher and slide downward all the way (with small intervals rebound) to closed near the low of the day.
Chart reading suggesting a downside biased market development with possible 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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