Bollinger band reading : little upside biased.
MACD Histrogram : recovering, buyer seller battling.
Support : 3070, 3050, 3020, 2970 level.
Resistance : 3100, 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed recorded loss with slower volume changed hand. Overnight soy oil closed recorded marginal gain and currently trading lower while crude oil price also trading lower.
Weak economic sentiment and higher U.S. dollar pressured FCPO to retrace lower today after yesterday rallied.
Daily chart formed a small down bar candle positioned below middle Bollinger band level after market opened lower and traded side way within tight 27 points range bound market and closed right at the low of the day.
Chart study suggesting a little upside biased market development testing resistance near middle Bollinger band 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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