Bollinger band reading : pullback correction downside biased.
MACD Histogram : turned upward, seller lock in profit.
Support : 3200, 3150, 3100, 3070 level.
Resistance : 3250, 3270, 3300, 3350 level.
Comment :
FCPO closed recorded gains having technical rebound with decline volume distributed. Soy oil price also rebounding higher after yesterday falls while crude oil price trading range bound registering small loss.
Price recovering upwards as seller book profit after recent sharp dive plus export figures released today showing some improvement.
Chart study adjusted to calling 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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