Bollinger band reading : pullback correction downside biased.
MACD Histogram : recovering, seller lock in profit.
Support : 3330, 3300, 3270, 3250 level.
Resistance : 3350, 3380, 3420, 3450 level.
Comment :
FCPO closed little higher with better volume changed hand. Soy oil price currently rebounding higher after overnight closed recorded loss while crude oil price registering loss.
Price swing wildly today after MPOB data shows lower inventory level followed by downward dive after SGS cargo surveyor reported substantial drop in export and lastly price closed at opening price formed a doji bar candle as traders awaits USDA report.
Daily chart study suggesting a pullback correction downside 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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