Bollinger band reading : correction range bound upside biased.
MACD Histogram : turned downward again, buyer taking profit.
Support : 3550, 3500, 3470, 3450 level.
Resistance : 3620, 3650, 3700, 3720 level.
Comment :
FCPO closed recorded loss with firmer volume transacted. Soy oil price currently trading little higher after overnight dropped nearly 1% while crude oil price currently trading higher.
Lower soy oil price pressure FCPO to trade lower while traders decided to lock in profit reducing exposure after recent price surged.
Daily chart study revised to calling a correction range bound upside biased market development.
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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