Bollinger band reading : side way range bound.
MACD Histrogram : falling lower, seller testing market.
Support : 3050, 3020, 2970, 2950 level.
Resistance : 3070, 3100, 3150, 3200, 3250 level.
Comment :
FCPO closed recorded gains after 7 consecutives days of declines with reducing volume changed hand. Overnight soy oil ended little higher and currently trading firmer while crude oil price currently registering gain trading above USD100 per barrel.
Improved global equity markets after 6 major central bank coordination moves to tame a liquidity crunch for European banks by providing cheaper dollar funding and speculation of lower production level due to heavy rains lifted FCPO price to trade higher.
Daily chart formed an up doji bar candle positioned in between middle and lower Bollinger band after market opened higher, traded side way within 32 points range bound market and closed near opening price.
Chart wise remained suggesting a side way range bound market development possibly testing higher resistance level.
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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