Bollinger band reading : pullback correction upside biased.
MACD Histrogram : weakening, buyer taking profit.
Support : 3150, 3100, 3070, 3050 level.
Resistance : 3200, 3250, 3270, 3300 level.
Comment :
FCPO closed recorded substantial loss with higher volume participation. Soy oil price currently trading between gain and losses after overnight closed weaker while crude oil price currently trading lower testing 100 support level.
News on bigger soybean supply forecast by USDA and switching switching to April month contract activities resulted FCPO to trade lower today.
Chart reading remained suggesting a pullback correction upside biased market development with MACD indicator having negative cross down.
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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