Bollinger band reading : correction range bound little downside biased.
MACD Histogram : rising, seller closing position as buyer testing market.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed retreated lower after recent rallies with decline volume changed hand. Soy oil price currently trading lower after overnight closed recorded gain while crude oil price continue to trade weaker.
Slower U.S. economy growth forecast and no stimulus action taken by Federal Reserve resulted broad commodities including crude palm oil to head south today.
End of day chart study adjusted to suggesting a correction range bound little 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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