Bollinger band reading : upside biased.
MACD Histogram : rising, buyer in control.
Support : 3150, 3100, 3070, 3050 level.
Resistance : 3200, 3250, 3270, 3300 level.
Comment :
FCPO closed recorded gains with improved volume exchanged. Soy oil will resume trading today while crude oil price currently trading higher.
Price continue to pullback lower through out late afternoon ahead of ECB interest rate meeting followed by last one and a half hour surge breaking previous 5 weeks high potentially on persisting dry weather factor and surging crude oil price.
Daily chart study adjusted back to calling an upside biased market development potentially testing May 2012 high at 3193 level.
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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