Bollinger band reading : upside biased with possible pullback.
MACD Histrogram : rising, buyer in control.
Support : 3150, 3100, 3070, 3050 level.
Resistance : 3200, 3250, 3270, 3300 level.
Comment :
FCPO closed recorded gains with increased volume transacted. Overnight soy oil closed recorded gains and currently consolidating little lower while crude oil price pulling back lower.
Hot and dryer South America weather on soy bean planting area plus floods in Johor state contributed to the upward movement on FCPO despite yesterday declined export data.
Daily chart formed a small down doji bar candle closed near upper Bollinger band level after market opened higher and traded side way within 24 points range bound market to closed near the low of the day.
Chart reading suggesting an upside biased market development with possible pullback correction 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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