Bollinger band reading : upside biased.
MACD Histrogram : turned upward, buyer in control.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded gain with slower volume traded while overnight soy oil closed recorded marginal gain and currently trading firmer while crude oil price trading range bound between gains and losses.
Weaker US Dollar resulted broad commodities to trade higher. As for FCPO, price closed higher may probably due to fears of heavy rains may cause flood near plantion estate.
Daily chart formed an up bar candle positioned nearer to upper Bollinger band level after market opened lower, traded side way range bound before climb upward into positive zone to closed near the high of the day.
Chart reading revised to suggesting an upside biased market development possibly testing previous 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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