Bollinger band reading : downside biased with possible pullback correction.
MACD Histogram : turned downward, seller in advantage.
Support : 2850, 2800, 2770, 2750 level.
Resistance : 2900, 2920, 2950, 2970 level.
Comment :
FCPO closed plunge substantially lower with better volume changed hand. Soy oil price currently trading weaker after overnight closed recorded more than 1% loss while crude oil price currently trading weaker after overnight fall.
Fear on slowing down global economy and current Europe debt crisis will lead to weaker CPO demand in the future triggered traders to press the sell button hardly while awaits tomorrow cargo surveyor export data.
Daily chart analysis adjusted to suggesting a downside biased market development with possible pullback correction and MACD indicator turned crossed down.
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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