Bollinger band reading : side way range bound downside biased.
MACD Histrogram : recovering, seller closing position and buyer testing market.
Support : 2800, 2770, 2750, 2720 level.
Resistance : 2850, 2900, 2920, 2950 level.
Comment :
FCPO closed recorded loss with lesser volume transacted while overnight soy oil closed recorded loss and currently between gain and losses while crude oil price head south recording substantial losses.
Overnight USDA report forecast lower soybean output and also slower consumption demand for soy oil pressure soy oil and palm oil price to trade lower. Latest news, Reuters reported that Goldman Sachs say continue to expect soybean prices to outperform and wheat prices will under perform on higher foreign supply.
Daily chart formed a down doji bar candle closed near middle Bollinger band after market opened lower, traded side way within 34 points range bound toward the end.
Chart reading suggesting a side way range bound 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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