Bollinger band reading : side way range bound.
MACD Histrogram : falling lower, seller testing market.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded loss for the 7th day with quiet volume transacted. Overnight soy oil ended little higher and currently trading lower while crude oil price also trading recording loss.
Traders choose to reduce exposure as Bali palm oil conference(ends Friday) started today awaits fresh catalyst or latest research from industry expert.
Daily chart formed a down bar candle with small upper and lower shadow closed in between middle and lower Bollinger band after market opened and edge up little higher followed by selling activities pressed price downward all the way to closed near the low of the day.
Technical reading switch to suggesting a side way range bound market development.
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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