Bollinger band reading : pullback correction upside biased.
MACD Histrogram : weakening, buyer taking profit.
Support : 3200, 3150, 3100, 3070 level.
Resistance : 3250, 3270, 3300, 3350 level.
Comment :
FCPO closed recorded loss with declining volume changed hand while Friday night soy oil closed recorded loss and currently trading weaker while crude oil price slumping lower.
Dissapointing export data that show slowing down and marginally improvement released by both cargo surveyors and poor global equity markets performance resulted broad commodities and FCPO price to trade lower on fear of slowing down demand.
Daily chart formed a down doji bar candle closed below upper Bollinger band level after market opened lower, edge up higher and fall further downward followed by after lunch recovery effort back into positive zone and plunge downward again to closed near the low of the day.
Technical study 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.
No comments:
Post a Comment