Bollinger band reading : pullback correction upside biased.
MACD Histrogram : weakening, buyer taking profit.
Support : 2920, 2900, 2850, 2800 level.
Resistance : 2950, 2970, 3020, 3050 level.
Comment :
FCPO closed recorded loss for the third day with better volume transacted while overnight soy oil closed recorded loss and continue to trading weaker currently while crude oil price also trading severely lower.
Weaker global equity markets sentiment, slower demand and better crop expectation lead broad commodities, soy oil and FCPO to trade negatively.
Daily chart formed a larger body down doji bar candle closed in between middle and upper Bollinger band level after market opened and edge up little higher, slide downward slowly until the end of first sessios followed by after lunch session fall tested lower support level and recovered slightly to closed near the low of the day.
Chart reading remained suggesting a pullback correction 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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