Bollinger band reading : little upside biased with possible pullback correction.
MACD Histrogram : rising, buyer taking exposure.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded gains with lower volume participation while overnight soy oil closed recorded loss and currently trading nearly 2% higher while crude oil price resume rising higher.
Boost on European rescue fund and settlement between Greece and bondholder news lead broad commodities to trade higher as investor's confedent seems restored to a certain extend.
Daily chart formed an up doji bar candle with longer upper shadow closed above upper Bollinger band level after market opened and traded higher towards the end of 1st session followed by after lunch opened higher and easing downward to closed off the high of the day.
Technical reading turned to suggesting a little upside 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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