FCPO closed : 2802, changed : +17 points, volume : higher.
Bollinger band reading : pullback correction downside biased.
MACD Histrogram : turned upward, seller taking profit.
Support : 2800, 2770, 2750, 2720, 2700 level.
Resistance : 2800, 2850, 2900, 2920, 2950 level.
Comment :
FCPO closed recorded small gain with better volume changed hand while overnight soy oil ended little higher and currently surging higher while crude oil continue to rise higher.
Broad comodities recovering higher as seller locking in profit and easing concern on global economy recovery. News wise, Reuters poll reported Malaysia September stocks seen up 3.5% at 1.95 million tonnes, output seen up 8%, exports seen down 11.2% and imports from Indonesia seen down 21.7%.
Daily chart formed an up doji bar candle with longer lower shadow close above middle Bollinger band after market opened and trade little higher, dive lower tested new 1 year low and recover upward snapping all intraday loss plus registering gain to closed near the higher of the day.
Chart reading turned to calling a pullback correction 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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