Bollinger band reading : downside biased with possible pullback correction.
MACD Histogram : falling lower, seller in control.
Support : 3350, 3300, 3270, 3250 level.
Resistance : 3380, 3420, 3450, 3470 level.
Comment :
FCPO plunged severely lower with increasing volume transacted. Soy oil price trading weaker after overnight closed recorded loss while crude oil price also sliding lower.
Anticipation of higher crude palm oil production and slowing global economy growth development sent price lower by more than 2% hitting new 6 week low.
End of day daily chart reading switched to calling 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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