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 declined volume exchanged while overnight soy oil closed recorded substantial gains and currently trading lower surrendered all yesterday gains while crude oil price also retreating lower.
Higher U.S. Dollar and poor global equity market performance pressured soy oil price to u turned lower after overnight recorded gains. Back home, news on China cancelled about 300,000 tonnes of palm oil order for the past 1 month resulted FCPO to trade lower tested new 8 days low followed by mild bargain hunting lifted price to rebounded off the low.
Daily chart formed a doji bar candle closed nearer to middle Bollinger band level after market opened lower, climb upwards into positive zone and eased little lower followed by after lunch session gap down and sliding lower before recovered upwards to closed at today opening price.
Chart reading still 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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