FCPO closed : 2890, changed : +7 points, volume : higher.
MACD Histrogram : rising, buyer taking exposure.
Support : 2850, 2800, 2770, 2750 level.
Resistance : 2900, 2920, 2950, 2970 level.
Comment :
FCPO closed recorded small gain with better volume participation while last Friday soy oil closed recorded small loss and currently trading higher while crude oil price lifting higher.
Higher soy oil and crude oil price pushed FCPO price to trade higher through out the day but last minute selldown resulted limited gain recorded as news on higher supply from Indonesia due to smaller refinery capacity, lower Indonesia export tax and market awaits tomorrow export data.
Daily chart formed an up doji bar candle with long upper shadow closed in between middle and upper Bollinger band level after market opened higher, traded side way range bound for the morning session followed by after lunch gap up and traded side way range bound again towards the end with last minute selling pressed price lower to closed near opening price.
Technical reading turned to suggesting a side way range bound 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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