Bollinger band reading : correction range bound upside biased.
MACD Histrogram : turned upward, buying returned.
Support : 3150, 3100, 3070, 3050 level.
Resistance : 3200, 3250, 3270, 3300 level.
Comment :
FCPO closed recorded small gain with slower volume changed hand. Soy oil price currently trading little lower after overinght closed recorded gains of nearly 1% while crude oil price trading higher.
Price traded mostly in negative zone through out the day before last hour buying activities pushed price higher to closed at the high of the day probably due to some short covering ahead of long Chinese New Year holiday.
Chart reading remained suggesting a correction range bound 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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