Bollinger band reading : downside biased with possible pullback correction.
MACD Histrogram : falling, seller in control.
Support : 2770, 2750, 2720, 2700 level.
Resistance : 2800, 2850, 2900, 2920 level.
Comment :
FCPO closed recorded loss for the 3rd day with lower volume transacted while overnight soy oil ended severely lower and currently rebounding higher salvaging partial of yesterday losses while crude oil rising higher.
New harvest soybean and slowing down global demand outlook lead soy oil and to trade lower dragged crude plam oil futures price to 1 year low.
Chart study remained 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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