FCPO closed : 3034, changed : +11 points, volume : lower.
Bollinger band reading : pullback correction upside biased.
MACD Histrogram : turned downward, buyer taking profit.
Support : 3020, 2970, 2950, 2920 level.
Resistance : 3050, 3070, 3100, 3150 level.
Comment :
FCPO closed recorded small loss with slower volume transacted while overnight soy oil closed recorded huge gains and currently trading lower while crude oil price also easing lower after overnight gains.
FCPO buyer decided to lock in profit after recent gains and reducing exposure ahead of MPOB official data and export figure by both cargo surveyor. Soy oil trade also avoiding exposure ahead of USDA reports tonight.
Daily chart formed a down doji bar candle with upper and lower shadow closed below upper Bollinger band after market opened and traded higher, eased downward into negative territory and trade range bound between gains and losses to closed near the low of the day.
Chart reading switch to suggesting a pullback correction upside biased market development testing support and resistance.
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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