Bollinger band reading : pullback correction upside biased.
MACD Histogram : rising higher, buyer in control.
Support : 3500, 3470, 3450, 3420 level.
Resistance : 3550, 3620, 3650, 3700 level.
Comment :
FCPO hit new 1 year high and closed at the low of the day down 1 tick with declined volume distributed. Soy oil price currently correcting lower after overnight closed recorded nearly 2% gain while crude oil price consolidating lower after overnight surged.
Firmer soy oil price push FCPO to opened higher followed by profit taking activities pressed price downward to closed at the low of the day.
Technical reading revised to calling a pullback correction upside biased market development.
When to buy : buy at support or weakness with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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