Bollinger band reading : pullback correction upside biased.
MACD Histrogram : turned lower, buyer taking profit.
Support : 3200, 3150, 3100, 3070 level.
Resistance : 3250, 3270, 3300, 3350 level.
Comment :
FCPO closed recorded loss with ultra high volume changed hand while overnight soy oil closed marginally lower and currently trading lower while crude oil price trading firmer.
Profit taking activities after recent massive rally pressed FCPO price lower having technical pullback.
Daily chart formed a down doji bar candle with upper shadow closed below upper Bollinger band level after market opened lower, edge up higher tested new 5 month high and eased lower to closed at the low of the day.
Technical reading 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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