Bollinger band reading : upside biased.
MACD Histrogram : weakening, buyer taking profit.
Support : 3200, 3150, 3100, 3070 level.
Resistance : 3250, 3270, 3300, 3350 level.
Comment :
FCPO closed recorded gains with lower volume exchanged while overnight soy oil closed substantially lower and currently trading rebounding higher while crude oil price currently trading higher after overnight recorded loss.
Higher exports data anticipation for next Monday reports lifted FCPO price break new high and closed recorded gains.
Daily chart formed an up bar candle with upper and lower shadow closed below upper Bollinger band level after market opened and dipped lower, followed by recovery upward breaking new high before eased little lower to closed off the high of the day.
Chart reading suggesting an 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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