Bollinger band reading : pullback correction upside biased.
MACD Histogram : rising, buyer in control.
Support : 3100, 3070, 3050, 3020, 2970 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed slipped lower marginally with slower volume traded. Soy oil closed for trading today due to U.S. independent day holiday after overnight closed substantially higher while crude oil price currently pullback lower after yesterday rallied.
Price retreated from 5 weeks high of 3147 on profit taking activities and traders decided to reduce exposure ahead of tonight U.S non trading day but however U.S. dry weather factor still supporting the market to some extend.
Technical chart reading revised to suggesting a pullback correction upside biased market development.
When to buy : buy at support or weakness with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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