Bollinger band reading : little upside biased.
MACD Histrogram : recovering, buyer testing market.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed recorded gain with decreasing volume traded. Overnight soy oil closed recorded marginal loss and currently trading between gain and losses while crude oil price trading higher.
FCPO price traded higher on lower stock and production level speculation which is reinforced by Reuters survey that shows lower exports, output and stock level with better imports.
Daily chart formed a small body up doji bar candle closed nearer to middle Bollinger band level after market opened higher and edge upward gradually to closed near the high of the day.
Technical reading remained 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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