Bollinger band reading : pullback correction little downside biased.
MACD Histogram : rising, seller closing position.
Support : 3050, 3020, 2970, 2950 level.
Resistance : 3070, 3100, 3150, 3200 level.
Comment :
FCPO closed surge significantly higher with increasing volume transacted. Soy oil price currently trading lower after overnight closed higher while crude oil price trading lower on higher supplies factor.
Lower inventories, bad weather and coming Ramadan festival demand factors drive FCPO price to surge higher today after 2 cargo surveyor reported higher export data.
Daily chart reading revised to calling a pullback correction little downside biased market development with MACD indicator having positive crossed up.
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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