Bollinger band reading : correction range bound little downside biased.
MACD Histogram : weakening, buyer seller battling.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed weaker with better volume changed hand. Soy oil price currently trading lower after overnight closed recorded gains while crude oil price currently retreating lower after overnight surge above $80 per barrel level.
Price still trading weaker as traders decided to stay sideline avoiding exposure awaits EU Summit meeting, uncertain weather factor and Friday USDA report.
Technical chart wise, reading adjusted to calling 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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