Bollinger band reading : correction range bound upside biased.
MACD Histogram : falling lower, buyer taking profit.
Support : 3500, 3470, 3450, 3420 level.
Resistance : 3550, 3620, 3650, 3700 level.
Comment :
FCPO closed recorded small gain with increased volume changed hand. Soy oil price currently rebounding higher after overnight falls while crude oil price currently trading higher.
FCPO traded range bound through out the day with partial roll over activities and traders building position to July contract focusing on tight global edible oil supply and slowing down exports.
Chart wise, the reading remained suggesting 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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