FCPO closed : 3069, changed : -39 points, volume : lower.
Bollinger band reading : pullback correction little upside biased.
MACD Histrogram : falling lower, buyer closing position.
Support : 3050, 3020, 2970, 2950 level.
Resistance : 3070, 3100, 3150, 3200 level.
Comment :
FCPO closed recorded loss with slower volume changed hand while soy oil currently trading nearly 2% lower while crude oil price also trading weaker.
Weaker export data released by both cargo surveyor pressure FCPO price to trade lower amid concern on slowing down global economy growth weakening demand.
Daily chart formed the 5th down doji bar candle closed below middle Bollinger band support level after market opened lower, climb little upwards and slide down lower tested 3050 support level before rebounded little upward to closed off the low of the day.
Still, FCPO is trading in pullback correction with adjusted little upside biased market development testing support and resistance with MACD indicator having 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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