FCPO closed : 2938, changed : -33 points, volume : lower.
Bollinger band reading : pullback correction upside biased.
MACD Histrogram : turned lower, buyer taking profit.
Support : 2920, 2900, 2850, 2800 level.
Resistance : 2950, 2970, 3020, 3050 level.
Comment :
FCPO closed recorded loss with quiet volume participation while last Friday soy oil closed recorded loss and currently trading weaker recording loss while crude oil price also trading lower testing support level.
Soybean and soyoil price traded weaker after news on poor export and improving soybean crop pressured FCPO to trade lower today despite improved export data reported by 2 cargo surveyor compare to last month.
Daily chart formed a down doji bar candle closed below upper Bollinger band level after market opened lower and traded side way within 22 points range bound market to closed near lower range of the day.
Chart study suggesting FCPO is having pullback correction within an upside 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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