Bollinger band reading : downside biased with possible pullback correction.
MACD Histogram : falling lower, seller in control.
Support : 3350, 3330, 3300, 3270 level.
Resistance : 3380, 3420, 3450, 3470 level.
Comment :
FCPO closed weaker with rising volume changed hand. Soy oil price currently rebounding little higher after overnight closed lower by nearly 1% while crude oil price also trading weaker.
Concern on slowing world economy triggered selldown in most commodities including soy oil and crude oil resulted FCPO to trade weaker.
Technical chart study remained suggesting a 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.
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