FCPO closed : 3175, changed : -16 points, volume : higher.
Bollinger band reading : pullback correction upside biased.
MACD Histrogram : weakening, buyer taking profit.
Support : 3150, 3100, 3070, 3050 level.
Resistance : 3200, 3250, 3270, 3300 level.
Comment :
FCPO closed recorded small loss with improved volume participation while overnight soy oil closed recorded substantial loss and currently having technical rebound while crude oil price also edge up higher.
Fear of slowing down demand triggered trader to lock in profit after recent rally avoiding further downside risk.
Daily chart formed a down doji bar candle closed in between middle and upper Bollinger band level after market opened 1 tick lower edge upward into positive territory and slump lower tested 1 week low followed by upward rise into positive zone again before surrendered downward to closed off the high of the day.
Chart reading remained 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