Bollinger band reading : downside biased.
MACD Histogram : recovering, seller taking profit.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded loss with increased volume traded. Soy oil price currently trading little higher after overnight closed recorded gains of more than 1.5% while crude oil price currently trading lower.
Overnight soy oil rally and firmer crude oil price resulted FCPO to opened gap up higher but slide downwards all the way into negative zone followed by last 30 minutes partial recovery to closed off the low of the day as traders decided to square off intraday positions awaits clearer market condition (possible stimulus, official MPOB data).
Daily chart study suggesting a downside biased market development possibly testing previous low support near 2925 level.
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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