Bollinger band reading : downside biased.
MACD Histrogram : resume falling, seller testing market.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded substantial loss with increasing volume transacted. Overnight soy oil closed recorded loss and currently rebounding little higher while crude oil price also rebounding higher after yesterday closed lower.
Dissapointing and slowing down export data released by both cargo surveyor resulted FCPO price to trade in negative territory through out the day.
Daily chart formed a down bar candle closed near lower Bollinger band level after market opened and trade lower, moved side way little higher followed by further selling activities sent price to closed at the low of the day.
Chart reading turned to suggesting a downside biased 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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