Bollinger band reading : little downside biased with possible pullback correction.
MACD Histrogram : falling, seller taking exposure.
Support : 3070, 3050, 3020, 2970 level.
Resistance : 3100, 3150, 3200, 3250 level.
Comment :
FCPO closed recorded substantial loss with increasing volume transacted. Soy oil price currently trading weaker after last Friday closed recorded loss while crude oil price also registering loss.
Price traded lower ahead on tomorrow export data as market anticipate a weaker demand with the previous export figure by cargo surveyors (25th Jan) still showing decline by nearly 20% after demand season peaked while soy oil price trade lower result of over speculation on lower crop in South America due to dry weather.
Chart study suggesting a little downside biased market development with possible pullback correction.
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.
No comments:
Post a Comment