Bollinger band reading : upside biased with possible pullback correction.
MACD Histrogram : rising, buyer in control.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded gains for the 3rd day with reducing volume changed hand while overnight soy oil closed recorded huge gains and currently trading range bound between gains and losses while crude oil price trading higher.
FCPO price trade higher after strong overnight soy oil gains, fear of flood over plantation estate due to current heavy raining season and after Reuters reported survey of better export, little higher output level but higher stock levels.
Daily chart formed an up doji bar candle positioned near upper Bollinger band level after market opened gap up, eased little lower and move higher to closed near the high of the day.
Technical study remained suggesting an upside biased market development with possible pullback correction and focus on weather factor over the long weekend plus Monday holiday.
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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