Bollinger band reading : pullback correction upside biased.
MACD Histrogram : weakening, buyer reducing position.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed recorded huge loss with better volume transacted while overnight soy oil closed recorded substantial loss and closed for Thanks giving holiday while crude oil price rebounding higher.
Massive sell down on soy oil price pressured FCPO price to trade lower and buyer decided to reduce position limiting risk exposure. Beware of choppy market ahead of tomorrow CPO export data.
Daily chart formed the 4th down doji bar candle closed little above middle Bollinger band after market opened and traded lower and moved side way range bound toward the end to closed off the low of the day.
FCPO remained trading in a pullback correction upside biased market development testing support and resistance with MACD indicator having little negative crossed down.
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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