FCPO closed : 3275, changed : -74 points, volume : higher.
Bollinger band reading : downside biased with possible pullback correction.
MACD Histogram : resume falling, seller in control.
Support : 3270, 3250, 3200, 3150 level.
Resistance : 3300, 3300, 3350, 3380 level.
Comment :
FCPO plunged substantially lower with improving volume participation. Soy oil price currently falling lower by more than 1% after overnight closed recorded gains while crude oil price continue to trade lower.
Price opened and traded lower after market digested yesterday MPOB report and weaker export data plus Reuters reported significant drop in India palm oil imports while Brazil raised crop forecast on soybean pressured soy oil price to trade lower.
Technical chart reading adjusted to suggesting 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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