Bollinger band reading : side way range bound.
MACD Histrogram : recovering, buyer testing market.
Support : 3070, 3050, 3020, 2970 level.
Resistance : 3100, 3150, 3200, 3250 level.
Comment :
FCPO closed recorded loss with shrinking volume changed hand. Overnight soy oil closed recorded loss and currently trading weaker while crude oil price trading little higher.
Concern over slowing demand and ahead of MPOB official data resulted traders to reduce exposure and staying sideline.
Daily chart formed a down doji bar candle stayed below middle Bollinger band level after market opened lower, edge upward higher for the first session followed and after lunch trading side ways before last hour falls to closed near the low of the day.
Chart reading adjusted to suggesting a side way range bound market development testing support and 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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